The SPI200 grinded its way back up into the 7450 area overnight. The action up was far from convincing and may see another muted open today…considering the ASX is a very tame market at the best of times. Price may flush higher on the open, but I do expect to see a grind lower as further bulls remain on the sidelines. The DOW again pushed higher holding a higher low at 36290. At the moment, price only knows one way which is up. Expecting the action to be tame into the US open and PPI inflationary numbers. The Hang Seng was also relatively tame in Hang Seng terms but did hold up off support around 24660. This may be the start of a bid coming back into the underlying index so watching to see the reaction from buyers on any early flush lower. If price spikes into 25025 on open, t hen again will be watching the reaction from bulls. The Nikkei seems to be range bound at the moment between 29860 and 29430. Price is again in no mans land for me so will be watching any spike into 29800/29860 and down into 29590 or 29430.
Cryptos moved higher overnight as Bitcoin broke up above the 64000 level as expected. Bitcoin price has since held below 66400 but I still expect that bulls will be getting excited and trying to ramp higher so watching for a higher low to hold. Ethereum also broke higher up through 4639 and held a minor higher low at 4712. As long as the higher low can hold then I would expect more bullish action to come.
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SPI200 Index
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