by Chris Becker
Asian stock markets have reacted poorly to the overnight slump on the NASDAQ with concerns mounting about the lack of breadth in the rally, plus the economic fallout between rising US/China tensions.
In mainland China, the Shanghai Composite is down over 2% to 3250 points, accelerating in the selloff while in Hong Kong the Hang Seng Index is doing the same, down nearly 2% to 24801 points. The daily chart shows support at the 25000 point barrier has been broken and key ATR support coming up sharply as momentum heads into negative territory:
Japanese stocks remain closed for a super duper long weekend while the USDJPY pair has finally broken down as USD sells off sharply, heading straight through support and now in the low 106’s as the Yen safe haven buying accelerates:
The ASX200 is down over 1% going into the close, currently at 6024 points and fighting to hold on to the 6000 point psychological level. The Australian dollar that is falling in a violent inversion, having made another new session low as it struggles to hold below the 71 handle:
Eurostoxx and S&P futures are falling sharply with the latter looking to break down below key support at the 3200 point level, with the NASDAQ about to break its own three week long support level too:
Have a good weekend, stay safe and look out for each other!