Macro Morning

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By Chris Becker 

Risk markets are oscillating between hope and fear with a swing to the former overnight on Wall Street overshadowing the fear in Asia yesterday. Commodities and undollar assets continued to fall however, with oil falling 2% to a new weekly low with only gold holding fast.

Looking at Asian share markets performance yesterday where the Shanghai Composite ramped up going into the close, finishing 0.5% higher at 2890 points while the Hang Seng Index fell, down 0.7% to 27227 points. Price must hold above the low moving average level at 27000 points or this will become a dead cat bounce, so keep looking at daily momentum and the low moving average:

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