Asian stocks have shrugged off the poor confidence from overnight and are bidding higher going into the weekend close. Chinese stocks are leading the charge with the Shanghai Composite up nearly 0.5% to 2897 while the Hang Seng Index is doing the same, up to 26173 points. Price had been threatening the high moving average on the daily chart, but buyers are not yet confident enough to push it higher, so we end the week where it started:
Japanese share markets are putting in mild gains with the Nikkei 225 currently up 0.3% to 20687 points, held back by a still firm Yen, although the USDJPY pair is hovering at the mid 106’s once more, with price bunching up around recent session highs, waiting for a bullish USD move:
The ASX200 is having a mild one to finish the week, currently up only 0.2% to remain over 6500 points, helped a little by a weaker Australian dollar. The Pacific Peso is trying to hold on to its current position and not put in a new weekly low, staying at the 67.60 level but still spelling trouble ahead:
S&P and Eurostoxx futures are rising slowly, with the S&P500 four hourly chart still showing price wanting to breach the former highs at the 2940 points level, remaining steady above recent ATR trailing support at the 2890 level:
The economic calendar finishes the week with no official releases, but a closely watched speech by Fed Chair Powell tonight in Jackson Hole. Have a good weekend!