By Chris Becker
You guessed it – sentiment swung back to fear again last night as a slew of European data and the latest ECB meeting failed to rekindle animal spirits on stock markets. US weekly initial. jobless claims spiked higher than expected and combined with all this bad news flow, markets did a bit of window dressing to end the month. Is it Sell in May time now? Oil prices bounced as margin restrictions on futures contracts continue to be eased while gold fell back below the $1700USD per ounce level.
Looking at Asian share markets from yesterday where the Shanghai Composite has closed 1.3% higher at 2860 points, finally finding some forward momentum while the Hang Seng Index was closed for a holiday. The daily chart shows price action continues to test overhead resistance at the 25000 point level and while daily momentum is definitely positive now, a clear break above that resistance is required:
