By Chris Becker
A possible end to the European front in the trade war sent US stocks higher overnight, helped along by higher oil prices as the DOE crude oil inventory report had a much larger than expected drawdown. US home sales were disappointing, but overshadowed by strong earnings reports on Wall Street. The Juncker speech helped all major currencies versus USD including Aussie dollar.
Recapping Asia’s session yesterday where the Shanghai Composite has taken a pause on its breakout, going nowhere today to finish just above 2900 points as it remains well above former support at 2800 points. There is potential upside here back to 3000 points but this still remains dangerous territory amid a bear market phase:
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