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Concerns for higher inflation sooner than expected put pressure on US stocks overnight…namely into Tech names and the Nasdaq. The market again reacted a session late as traders had to digest CPI numbers and Fed Officials comments. US bonds yields though, broadly moved higher off major support levels.
The SPI200/ASX200 flushed into support levels into the close after spending the overnight session on the back foot and heading lower. Watching to see if ASX bargain hunters will defend support (7321 SPI200 and 7424 ASX200) or hold another lower high for continuation down. The open will be weak into the ASX so expecting some early chop. The DOW initially ramped higher into the start of the US session before rolling over to break support at 36214. This is the key level today so will be looking for a retest and further weakness. The Hang Seng started to look heavy from the overnight action and may need to clear out some bulls before a longer term move up. Will be watching to see if the 24445 level holds today and will be looking for a lower high. If price pushes back above 24445 and can hold, could be a short squeeze to buy into. The Nikkei fell over in the US session as price pushed below 28505. Price is in no-mans land at the moment so I will need to see a higher low for a short squeeze or a lower high for continuation down.
Cryptos found some sellers to cap the Asian market rally and send prices lower in the US session. Bitcoin is hovering just above 42600 so will be looking for a pop to drag in some buyers and then a lower high for a short entry. Ethereum may try to hold the 3275 area and bounce but price also looks ready for a run lower so also looking for a lower high.
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