Traders across the region are twiddling their thumbs as stock markets hold steady following a lacklustre night on the other side of the world for risk taking. The local NAB Business Confidence print flatlined with the most recent Chinese CPI edging higher but these catalysts weren’t enough to get things moving.
The Shanghai Composite is down a couple of points going into the close, still remaining above the 2900 point level it broke on Friday, while the Hang Seng Index is off by only 0.05% and will finish at or around 26510 points. The daily chart is showing tentative signs of a probable swing play back up to 27000 points but that high moving average needs breaching first:
Japanese share markets are similiarly sleepy, with the Nikkei 225 closing 0.05% lower to 23430 points, still remaining well clear of daily support at the 23000 level. The USDJPY pair remains stuck in a very tight range, unable to get out of its recent downwards funk:
The ASX200 is the biggest mover, but to the downside, closing 0.3% lower to 6706 points as it barely holds on to key support at the 6700 point level. The Aussie dollar tried to move higher on the NAB print but failed to get past the series of lower highs on the four hourly chart::
Both S&P and Eurostoxx futures are slightly lower going into the European open with the S&P500 four hourly chart showing how the recent bounceback can’t break staunch resistance at the 3150 point level:
The economic calendar includes the latest UK GDP print while the EZ wide ZEW survey will be closely watched going into this week’s ECB meeting.