By Chris Becker
All eyes remain on Turkey as its failed currency and inability to repay foreign debts continues to push European bank stocks lower and USD higher against everything else. Gold also broke down overnight, falling to a near 18 month low, finally catching up to lower undollar meme. US stocks pulled back as oil prices made a new weekly low.
Recapping Asia’s session with Chinese stocks first, as the The Shanghai Composite eventually closed only 0.3% lpwer at 2785 points, after being down at least 1% before the lunch break, turning previous support at 2800 into overhead resistance. Momentum remains negative here and given the ongoing trade war and the trajectory of the 200 day moving average (light blue line) there is still no reason yet to be anything but an observer:
