Macro Morning

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By Chris Becker 

The prospect of a potential Brexit deal and the partial US-China trade deal took stocks to a four week high despite the ongoing Turkish/Syria tensions. US Treasury yields jumped, pushing US stocks higher while commodity prices slipped as the USD was largely unchanged as Pound Sterling jumped to a near six month high on the Brexit news.

Looking at the action on Asian markets yesterday, where the Shanghai Composite remains under pressure and back below the back the 3000 point barrier, falling 0.5% to 2995 points. The Hang Seng Index also fell back, but only slightly, down a handful of points to 26503 with the daily chart still showing a push higher back to previous former resistance at 27000 points. Momentum is gaining here above the positive level, so I’m watching the high moving average as local support for a possible breakout:

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