By Chris Becker
US stocks retreated overnight as news of a longer than expected rollout of tax cuts in Trump’s exorbinant tax plan combined with a return to US Treasuries as a new Federal Reserve head is likely to be announced soon. Ten year yields fell back below the “uncle point” of 2.4% as the USD retreated slightly against the majors.
Recapping Asia yesterday first where in mainland China the Shanghai Composite went back below previous resistance at 3400 points, down nearly 1% lower to 3390. As you can see on the daily chart, price really wants to burst higher from this level, but it needs a better start than this:
