With a gap down and sharp decline the last two days, the S&P MidCap 400 SPDR (MDY) failed to hold the resistance breakouts around 160. Also notice that the ETF formed an island reversal, Last Thursday’s gap was countered by today’s gap to create a three-day price island.
Click this link above to view the chart. Queenbee
China wants Europe to solve its own problems
LONDON: China has stressed it will not be a ''saviour'' to Europe as the Chinese President, Hu Jintao, embarks on an official visit to the continent that will take in Thursday's crucial Group of 20 summit in Cannes.
The warning came as the European Commission President, Jose Manuel Barroso, and the European Council President, Herman Van Rompuy, urged G20 leaders to use the meeting to address Europe's debt crisis, saying measures proposed last week were not enough by themselves.
The French President, Nicolas Sarkozy, has said Beijing has a ''major role to play'' in proposals to expand the European Financial Stability Facility to €1 trillion ($1.32 trillion), possibly through a special investment vehicle that would attract sovereign wealth funds.