By Chris Becker
The latest US earnings season has started, and while the headline Dow is up, the broader S&P500 is treading water as US interest rates continue to fall. The USD is up against most of the majors, with oil prices abating due to lesser concern about the hurricane in the Gulf of Mexico affecting supply.
Looking at how the action started the week in Asia first, where the Shanghai Composite started slow before picking up late in the afternoon to close 0.4% higher are 2942 points. The Hang Seng Index firmed around 0.3% higher and consolidated Friday’s rise to close at 28554 points, trying to maintain itself above the previous set of highs at 28500. With support firm at 28000, the market is poised to breakout here, so I’m watching the high moving average level at 28600:
