By Chris Becker
A volatile session on Wall Street with bank shares under pressure and an intrasession selloff filled just before the close in what looks like a shaky end to the month and a potential embiggening of the “sell in May” meme. The USD was down against all the majors and gold except Aussie as safe haven money went to US Treasuries sending yields lower once more. This is interesting positioning to say the least coming into Fridays NFP print.
In mainland China the Shanghai Composite reopened after a long weekend and closed only a little higher at 3117 points, just above key support at the 3100 point level. The daily chart shows a potential bullish double bottom pattern here, so I’m watching for a breakout above the previous intra-session highs:
