04 January 2016

SP 500 and NDX Futures Daily Charts - Enter the Dragon

There was a global risk selloff today.  It was mitigated by a technical rally in the last thirty minutes of trading.

The cause of course was bad economic news out of China that sent the Shanghai stock index down 7% before the circuit breakers kicked in and they closed the exchange.

It is also not constructive that the economic numbers in the US came in a bit disappointing this morning, and that the Atlanta Fed GDP forecast has dropped to 0.7%.

As goes January, so goes the rest of the year.  And the first week can often set the tone.

But it really is much too early to draw any meaningful conclusions yet, so let's see what the rest of the month and the data on the charts tell us.

Have a pleasant evening.