Macro Morning

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By Chris Becker

A modest rebound overnight on Wall Street turned into a scratch session as oil prices stumbled, with the USD and Treasury yields still falling as markets grapple a near certain rate rise by the Federal Reserve tonight amid continued chaos in the White House.

Recapping Asia’s session yesterday where the Shanghai Composite closing over 0.8% lower to 2576 points as the previous support level at 2600 is slowly turning into stiff resistance. The daily chart is morphing into a bearish sideways pattern with no signs of an upside breakout:

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