Price remains in a broad consolidation pattern since the monthly low and we’re looking for the break for guidance. A topside breach exposes the median-line / May high around ~2960 with a close above monthly open resistance at 2970 needed to mark resumption of the broader uptrend. Daily support steady at 2822 with broader bullish invalidation at the lower parallel, currently ~2800.
Traders are also awaiting the central bank’s annual Jackson Hole seminar later this week and a Group of Seven summit this weekend for clues on what additional steps policymakers will take to boost economic growth.
With so much riding on the Fed, investors were understandably anxious. MSCI’s broadest index of Asia-Pacific shares outside Japan dithered either side of flat after three straight days of gains.
· Japanese shares dropped on Wednesday as renewed worries about a global recession weighed on risk assets, while the U.S.-China trade war and political uncertainty in Italy and Britain added to the general air of caution in markets.
The Nikkei share average took its cue from Wall Street’s selloff overnight and fell 0.3% to 20,618.57. Trading remained subdued as key events due later in the week kept many investors on the sidelines.
· Chinese stocks were largely unchanged on Wednesday as the market awaits clues from policymakers at home and abroad this week on further support to shore up growth amid a protracted trade war between the world’s two largest economies.
At the close, the Shanghai Composite index was flat at 2,880.33 points. The blue-chip CSI300 index edged down 0.2%
The pan-European Stoxx 600 climbed 0.4% in early trade, industrials leading gains with a 0.9% rise as the majority of sectors and major bourses traded in positive territory.
Reference: CNBC, Reuters
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