Asian equity markets continued to cool down on Tuesday. The Nikkei finished 0.18% lower despite a slightly weaker yen. The Shanghai composite lost 1.28% with shrinking volume. Singapore’s Straits Times Index was down 0.4%, extending its 6th day of consolidation. Oil dropped for the fourth consecutive day, down 6.4% from the recent high. This may have been expected as rising crude inventories have given traders reason to engage in profit-taking after its 50% rally since mid-Feb.
- Strong resistance zone between $1240-1286, which are 50% and 61.8% Fibonacci levels
- Immediate support level: $1193-$1200
- 50 Day moving average sloping upward
US SPX 500 - Cash
Key Technical levels to watch:
- MACD dead crossed
- Immediate resistance level – 2082, 2132
- Immediate support level – 2000, 1946
- 50 day moving average is sloping upward
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Margaret Yang Yan