By Chris Becker
A night to forget on overseas markets with both US and European stocks putting in scratch sessions across the board. The USD came back on strength against the major currencies however, with the Aussie dollar particular back under stress again after last week’s very minor comeback. US Treasury yields pipped above 3% once more, threatening to breakout while oil prices maintained their recent highs following more Middle East tensions.
Recapping stocks in Asia yesterday where the Shanghai Composite is still unable to breach the next resistance level at 3200 points, basically unchanged to finish at 3161 points. Resistance is still the obvious target in the short term but its a tough road to get back to the former highs, so watch daily momentum which needs to spike into the positive zone before taking a leap into a long position:
