A very mixed day across Asia as the reaction to the new and improved Korean summit plus the OPEC reversal on Friday night has seen oil prices continued to fall, the USD falter and the ASX200 almost crack below the psychologically important 6000 point level.
The Shanghai Composite is starting the week weak, putting in yet another scratch session to finish only a few points down at 3138, still well below resistance at 3200 points. The Hang Seng Index had a much better day, up 0.5% to close at 30756. Price has rebounded off the low moving average on the daily chart at 30600 with support building here with a series of higher lows:
S&P futures have gapped up as have EuroStoxx futures after the poor Friday night session, so there could be another attempt at the previous high around 2740 or so:
Japanese stocks start the week quite mixed with the broader TOPIX down while the Nikkei 225 put in a scratch session, up only a few points to close at 22480, still right on trailing ATR support and looking weak. The USDJPY pair gapped higher on the open but has come back to the mid 109s as it tries to find a possible bottom here at the 109 handle. I’m watching the high moving average at the 109.70 for signs of a possible rebound:
The ASX200 cracked again, down almost 0.5% with Telstra losing over 1% due to a rating downgrade, the bourse just finishing above 6000 points at 6004! The Aussie dollar has lifted slightly after a small gap higher, starting to approach the Friday session highs nearer the 76 handle as the short/medium term trend remains up:
The economic calendar starts the week with a lacklustre affair tonight, with mainly low tier releases of little import with US markets closed due to the long weekend.