FX Futures Edge: World Markets Higher Across The Board
Richard Rhodes | Jul 16, 2013 02:09AM ET
The S&P 500 remains above the 160-wma long-term support level at 1337. The standard 200-dma support level is at 1517. Perhaps more importantly, the distance above the 160-wma has has now faltered below the +23% “bubble-like rally” threshold. This is definitely a warning sign, given that 1600 was violated to the downside.
Asian bourses closed higher as China’s GDP figures printed 7.5% for the April-June period (7.7% for the January-March period), which is the 9th quarter for the past 10 quarters that has actually demonstrated weakness. However, this does not include the recent credit squeeze engineered by the PBOC. Their subsequent loosening credit noose isn’t reflected in these figures, and should be even lower when they are reported 3-months from now. This has given risen to “reform effort” talk that the market is buying into at the moment. As for European bourses, they opened sharply higher, but have since given back a majority of those gains.
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