The SPI200 made back the days losses with a big rally in the overnight session. This equates to an ASX open of up 75 points or so…which is a big gap up. Expecting to see a flush above 7367 and then a move lower. If price opens weak…traders may remember yesterdays selloff and start to get nervous with FOMC tonight leading to a move down. The DOW just keeps going higher so watching for some back and fill ahead of the US session potentially to flush 35995 to clear out some bulls. The Hang Seng had a rough day yesterday with a big gap close on the underlying index. The Index longer term 200 EMA is rolling over so may see more weakness in coming sessions but for today, expect a flush lower and then bargain hunters to provide some support as long as 24815 holds. The Nikkei was a range bound market yesterday lacking any conviction either way. Bank Holiday in Japan today so steering clear of the Nikkei for today.
Cryptos had a good session with Bitcoin running higher into resistance and Ethereum is new all time highs. Ethereum is extended so will be hard to buy so must have tight risk on entries long or wait for a retest and hold of 4375. Bitcoin is flushed above the 63700 level and then returned back below so feel that there may be a squeeze of longs on the cards and a grind lower…time will tell.
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Hang Seng Index