It was “let’s forget about Monday” on Asian share markets today in response to the next layer of the Fed punchbowl and the potential for another Trump crony bailout/looting spree aka bailout package announced overnight. Stock markets soared with the ASX200 up over 4% at one stage while currency markets were relatively mild, as gold fell back nearly $10 to $1722USD per ounce.
In mainland China, the Shanghai Composite is up a modest 1.3% going into the close, currently at 2927 points, while the Hang Seng Index has leapt almost 3% to 24423 points. Price has bounced back to the highs of the previous wide channel that traded throughout April and May as this nascent reversal disappears before it starts, with daily momentum pointing to more upside:
Japanese share markets were the best in the region of course, with the Nikkei 225 taking back all of Monday’s losses and then some to finish nearly 5% higher to 22582 points. Meanwhile the USDJPY pair has edged slightly higher to the mid 107’s, having not made a new session low on the four hourly chart since the Monday morning open – perhaps getting ready to breakout above trailing ATR resistance just above:
The ASX200 had a very solid upday, gapping more than 2% higher and then advancing throughout the session with only 2 stocks in the entire index having a decline! After being more than 4% higher, it eventually closed 3.8% higher at 5942 points. Here comes 6000! The Aussie dollar was relatively modest in comparison, maintaining above the 69 handle but finding lots of resistance at the 69.60 level where it starting to rollover already – still a fairly clear signal for mind:
Eurostoxx futures are bouncing higher, up more than 2% so far with S&P futures not far behind and ready to propel the market back towards its previous reality inducing reversion high at 3400 points. Hell, make it 4000 points – who cares!
