Trading Plan for the days action 10/11/21

The SPI200 edged higher again in the US session and found resistance at 7456. Price was buoyed at 7432 and held between the two levels into the close. Expecting a weaker ASX open and selling into the SPI200 open so watching for a flush of 7432 and 7426. Price has been holding lower highs which suggests some bigger unwinding of ASX longs…but for not the key is 7426. The DOW traded into 36185 before finding some buyers to lift price action back up. Watching the 36300 level to see if there is any further follow through from sellers to break below 36185. If price holds a minor higher low above 36185, then expecting a grind higher into the US open. The Hang Seng did an early flush higher yesterday before sellers drove the action into the 24650 zone. There is still some negativity around in the HSI so may see another deeper drive into support today. If the early flush is lower, then will ne watching for a later squeeze up to 24855. The Nikkei broke below a key level yesterday at 29430. Price later retested and failed off the level so we may see some follow through selling today on the open. Will be watching the opening flush to see if price wants to spike into 29200 and will be watching the level for a reaction from buyers…or not.

Cryptos were mixed with some edging higher while Bitcoin and Ethereum came under pressure in European trade. Both saw a grind lower which suggests that bulls may be tentative. Will be watching the 4828 and 4712 levels on Ethereum for action while expecting to see a move lower on Bitcoin and will be watching to see how bulls react around 66400. Either way, both remain in a longer term uptrend.

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SPI200 Index

DOW Index

Hang Seng Index

Nikkei Index



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