By Chris Becker
We’re back to new highs again on overnight markets with the S&P500 popping through 2600 points as the USD declined against the Loonie, Peso and Yen among others. The Aussie dollar had a small bounce on selling exhaustion while the Euro is on tenterhooks awaiting the outcome of failed negotiations of a new government in Germany.
Recapping Asia yesterday first where in mainland China the Shanghai Composite zoomed up higher, breaking above 3400 points again to be up 0.5% to 3410 as sentiment reverses. Support at 3400 was slowly turning into resistance here with the daily uptrend broken, but this market – fettled more than most – does not want to sell off! The next support level at 3300 is firming and looks like the next uncle point:
