Stocks are slipping again, coming up against significant buying resistance as other risk assets like oil are still flying ahead as caution spreads across Asia. Gold also fell back as the USD strengthened against all the major currencies, with the Aussie also back to its prebreakout high.
In mainland China, the Shanghai Composite is selling off going into the close, currently down 0.4% to 2872 points, with the Hang Seng Index is off about half that, down 0.2% to be at 24334 points, still unable to re-engage on its previous breakout and continuing this boring sideways move:
Japanese share markets were also unable to advance, with the Nikkei 225 putting in a scratch session to close right on 20593 points, while the USDJPY pair was relatively steady, slightly off its recent session highs on the four hourly chart but still well below the 108 handle:
The ASX200 fell the most in the region after being up on the open and looking ready to confirm its breakout. Traders are getting nervous here with a 0.4% fall to 5550 points, with the Aussie dollar also pulling back to the mid 65’s, unable to gain some traction as it retraces below its breakout level:
Eurostoxx futures are down nearly 1% with the S&P futures off nearly half that and still unable to break above its weekly resistance level at 2960 points, which is required before a decent run up to 3000 – or is this all she’s got?
