Macro Morning

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By Chris Becker

US stocks crept higher while European bourses tread water as the USD retreated against the undollar assets like gold, Aussie dollar and the Euro. The US ISM non manufacturing print came in higher than expected while Eurozone retail numbers disappointed on the downside. A higher than expected crude inventory level saw oil prices come off as WTI went below $50USD per barrel. Markets are awaiting Friday’s NFP print for signs of new direction, but for now, BTFD still holds.

Recapping Asia yesterday first where the Shanghai Composite was closed again due to a holiday. The daily chart shows a pause here between 3300 and 3400 as obvious support and resistance levels respectively:

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