Trading Plan for the days action 4/11/21

The SPI200 kicked higher after the FOMC statement as traders went risk on into the share market. Expecting to see a flush up through 7408 targeting 7420 on the open. Expecting that Bulls will be confident on the open after Fed statement and yesterdays action on the ASX. Price may also flush lower on open to clear out some buyers before a rally. The DOW continues to be strong with a well known technical pattern called ‘screw you bears’…flush into 35885. For now price is in no mans land and we will need a higher low or lower higher to work off. The Hang Seng again moved lower yesterday but managed to make back all the losses to push back into 25135. Will be watching this level on open to either hold or break. If price flushes lower on open, expecting it will be to clear out buyers before a run up. The Nikkei has kicked higher once it re-opened for after hours trading. Price held a higher low at 29700 but, like the DOW, is in no mans land so will need to see a flush lower or and exhaustion spike higher before jumping in.

Cryptos were generally supported across the board although Bitcoin is doing its best to flush out some buyers with a spike into 60310 and then hold below 63700. Watching for more choppy action before a clear higher low builds to pressure up through 63700. Ethereum popped into highs through 4637 before moving back down off the level so may want to squeeze out some buyers before building a base to work another leg higher from.

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SPI200 Index

DOW Index

Hang Seng Index

Nikkei Index



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