By Chris Becker
Stocks rallied in the US but fell in Europe as the EZ-wide CPI came in lower than expected, sending the Euro sharply higher against USD. The closely watched PCE (personal consumption expenditure) print in the US on the other hand came in stronger, indicating lots of spending power still available to the US consumer. Coupled with the signing off of Trump’s tax bill by John McCain, this spurred US stocks to new highs. But can it last going into Christmas?
Recapping Asian markets yesterday where in mainland China the Shanghai Composite is again attracted more to support and selling off, sharply closing 0.8% lower to just above critical support at the 3300 point level. The daily chart showed a reversal of momentum to the negative side, where I’d expect further falls if 3300 is taken out:
