By Chris Becker
No room for optimism on overseas markets last night as the lack of direction in Asia yesterday translated into mild selling on both sides of the Atlantic. Treasuries sold off slightly while gold retraced on some slightly hawkish Fed comments.
Looking at the action on Asian markets yesterday, where Chinese stocks were quite mixed with the Shanghai Composite again hovering on another scratch session, up only three points to 2883 while the Hang Seng Index was the worst in the region, down nearly 1% to 26048 points. Price had been threatening the high moving average on the daily chart, but buyers have not had the confidence to push it higher, pushing it to a four day low. I’m watching the low moving average to now come under pressure for an inversion back to the weekly lows below 25000:
