By Chris Becker
The correction is back as US stocks led the selloff overnight, Treasury yields came back slightly while the USD rose against most the majors as risk sentiment retreated back to the mean, with Yen getting the safe haven bid. Sadly for the Saudis, oil prices continue to crater with WTI and Brent crude both falling more than 1% while gold remains resilient.
Recapping Asia’s session yesterday where the Shanghai Composite slumped at the open and stayed down all day, closing nearly 3% lower to 2486 points, as key support at the 2600 level a distant memory. The daily chart still looks like part of a staged breakdown to the 2300 terminal support area, with the inability to get back above 2600 the key breaker here:
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