By Chris Becker
Well there it is, risk markets are now in full correction mode with Wall Street falling overnight with the S&P500 breaking its key trendline and other key market assets like Aussie dollar signalling that the bears are now in charge. Nothing is really stopping this selloff as the USD surges higher on the safe haven with Yuan, Euro and Pound Sterling plunging. The only bright spark are oil prices, which continue to lift higher on the OPEC shenanigans.
Recapping stocks in Asia yesterday first where the Shanghai Continues continues its sell off, down another 1% to close at 2813 points and now clearly in bear market territory having fallen more than 20% from its high. This is not looking good as the fear of the growing trade war grips Chinese stocks, with support at 3000 points very strong resistance with my target firm below at 2300:
