Building a higher base, but can it be sustained

Technicals look okay. Seeing the narrative beginning to change out of China is making me question whether or not this higher base can be sustained. Chinese GDP forecasts have changed and are forecasting slower growth than most were expecting, however the market seems resilient to the fact. As a macro signal pay close attention to the offshore yuan. Although AFS is still in play a weaker yuan will add deflationary pressure to most commodities