Global macro overview for 23/09/2015:
Data on the Chinese manufacturing PMI for September disappointed investors again. The market had expected the index to hit the level of 47.6 vs. 47.3 a month ago, but the final figure came in lower at the level of 47.0. This is the third month in a row when the PMI from China is weaker than expected adding to the overall global wealth concerns. Moreover, the PMI slipped to six-year low. It does not help the economic growth to met the projected target of 7% this year as downward revisions is likely to be published soon.
The SPX index (S&P500 ETF) is clearly retreating from the neutral area between the levels of 204.07 and 197.80. Currently, it is trading inside the bearish zone. The negative data from China might add fuel to the fire and push the index even lower towards the technical support at the level of 190.00.
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