Kayaking in the Cook Islands, 2019: Photo by H. Becker
Asian stocks are regaining after their stumble yesterday, and despite the threatened veto by almost-former President Trump to stop the just-passed US stimulus package, S&P futures are on the mend as risk markets re-balance from that catalyst. Bitcoin continues to rebuff the $24000 resistance level while gold has failed to gain any traction, heading back down to its intraweek lows just above the $1860USD per ounce level as momentum heads into the negative danger zone:
The Shanghai Composite is up nearly 1% or just below the 3400 point level going into the close, while in Hong Kong the Hang Seng Index is up over 0.5% to 26270. Japanese stock markets are putting in a mild session, with the Nikkei 225 still stuck in a sideways trend and closing 0.3% higher to 26259 points. Meanwhile the USDJPY pair has been unable to cross above short term resistance at the 103.80 level, still in its own medium term downtrend as the short term uptrend begins to rolls over:
The ASX200 was able to flip back into the positive zone, up nearly 0.5% to 6649 points, still below the previous 6700 point level but looking a bit steadier. The Australian dollar was able to rebound very slightly this morning with a small bounce back up to the mid 75 level but the four hourly chart is still suggesting a rollover back to the previous weekly support level:
Eurostoxx and S&P futures are struggling to regain their mid-session composure due to the Trump dump, with the four hourly chart of the S&P500 still showing increased volatility as we head into the Christmas break. The market remains unable to clear the important 3700 resistance level so I’m still watching for a potential break below the 3650 level:
The economic calendar includes US durable goods orders for November and the latest core inflation data plus weekly initial jobless claims and Michigan consumer sentiment.