By Chris Becker
Risk sentiment just can’t seem to get above the current elevated levels on stock markets around the world and are snaring back to reality everytime a macro issue raises its head. US stocks fell back nearly 1% overnight on US/China tensions and the rising coronavirus case load, with the USD reasserting itself against the major currencies and gold falling back from its recent highs.
Looking at share markets from yesterday’s session in Asia where in mainland China, the Shanghai Composite sold off sharply going into the close, finishing 0.5% lower to 2867 points, with the Hang Seng Index eventually doing the same to close at 24280 points. A cursory look at the daily price chart still shows a consolidation pattern with no new breakouts as yet, and although momentum remains on the positive side its tenuous if this lack of risk sentiment continues – watch support at 23400 closely:
