By Chris Becker
A very mixed session overnight on stock markets with the NASDAQ making a new high but industrials fell as the slew of earnings results disappointed investors. Both USD and bonds strengthened as a result, mainly on the back on poorer than expected European PMI prints. Not a good start to a very busy week of earnings, OPEC meetings, CPI releases and other important economic prints like Chinese industrial profits.
Yesterday in mainland China the Shanghai Composite had a brighter start than most, lifting nearly 20 points or 0.6% to 3257 to build above previous resistance, now support at 3200 points. The next target remains the resistance level at the 3300 point mark, but probably no higher as this bear market continues to squeak sideways over the long run:
