Mixed results across Asia today with Chinese stocks treading water, Japanese bourses retreating and the Australian market floating along even as the Aussie dollar keeps appreciating.
The Shanghai Composite is down by only 1 point to 2564 points as confidence is wavering over a trade deal, still clinging above previous support at 2500 points. The Hang Seng Index is equally stuck, only up 0.2% after its epic rise yesterday, currently at 26510 points. This is still above previous support at 25600 and sets up a new rally to get back above the previous highs at 27000 points:
US and Eurostoxx futures are down slightly going into the London open with the four hourly S&P 500 futures chart showing a reluctance by the major bourse in making any headway against the psychologically important 2600 point level:
Japanese stocks had a poor session as the rising Yen proved too much a headwind, with the Nikkei 225 falling more than 1% to remain just above 20000 points, currently at 20154 points. The USDJPY has slumped following the weakness in USD overnight, now below the 108 handle and heading towards key support at the trailing ATR level but negative momentum has decelerated here so we could see a swift uptick on mean reversion:
The ASX200 continues to do well despite the higher Aussie dollar, lifting nearly 0.3% higher to 5795 points. The Aussie dollar has also building on its recent gains, almost up to the 72 handle against USD, with a steady series of daily highs for sometime now, but about to hit heavy weekly level resistance: