Summary:
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US benchmarks slide to start the week
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Asian trade weight on sentiment
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US500 dips below H1 cloud
All the US indices are trading in red shortly after the start of the cash session with some sizable selling during the Asian session as trouble flared in Hong Kong once more. The CHNComp and HKComp are down by 1.7% and 2.0% at the time of writing and for those wanting to gain exposure to stocks in the Far East during US trading hours the USCHN may be of interest.
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The USCHN has rallied strongly of late, with gains of 20% in the last month or so. However, this market has begun lower this afternoon with the drop in Asian indices overnight clearly weighing. Source: xStation
Looking at the more traditional US indices we can see that even though there are declines of between 0.5-1% seen they ended last week at their highest closing level on a weekly basis. They have dipped a little on this souring of sentiment but on the whole still appear to remain well supported with the US500 only 0.5% from its record peak of 3097. It is worth noting that it’s a bank holiday in the US for Veterans’ day but while volumes may be a little lighter the NYSE and Nasdaq are are still open.
The US500 has dipped below its H1 cloud but near-term support around 3073 seems to be holding for now. It’s not unless last Wednesday’s low of 3063 is breached that there will be a stronger case for a larger pullback. Source: xStation
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