Trading Plan for the days action 17/01/22

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DOW was weighed down by some disappointing Banks results while a late rally from bargain hunters into tech helped support the Nasdaq and SP500. Retail Sales figures came out weaker than expected in the US after as consumer sentiment took a hit. Chinese data out at 1pm AEDT today will be worth the watch for potential movement into the Indexes.

The SPI200/ASX200 ran up off support as tech rallied late in the US session. It seems that we are expecting more of the ‘Buy the Dip’ mentality to support the US. The ASX and SPI may need to flush lower to push out some buyers before holding a higher low if the momentum up is to continue. The DOW ran up well after holding 35670 support. Price is still under pressure and many will be tentative over earnings. The key level today will be 35965 to see how the action opens for the Asian session. The Hang Seng continues to find sellers into highs around 24445 so expecting to see any push up through the level to be capped. Price has held a higher low at 24295 that may bring in some buyers but I do expect to see a choppy start ahead of Chinese data. The Nikkei flushed lower in the Asian session and then spent the European and US sessions making back the losses after rejecting 27882 and then holding 28120. The 28325 level is key for me today to see how the buyers and sellers react on the open.

Cryptos found some sellers early before bouncing back into the US close along with US indexes. Prices generally went sideways over the weekend with no move either way. Bitcoin bulls will need to hold price above 42600 today to have a shot at the 43700 level and higher while Ethereum will want to hold above 3275.

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SPI200 Index

ASX200 Index

DOW Index

Hang Seng Index

Nikkei Index



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