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The SPI200/ASX200 were both under pressure overnight but wanted to hold some support into the close. A major lower high held at 7267 (SPI200) and 7357 (ASX200). Expecting more pressure from bears today as inflation concerns weighs. The DOW held the 35520 level after a bounce in the European session. Price pressure lower from the US open so expecting some continuation into 34750…although we may see a squeeze on sellers first. The Hang Seng was weak through the Asian session and then found buyers during European trade. Buyers held their ground into the close (2 hours prior to US close) but expecting to see some weakness late in the session. Expecting to see some buying on open as the Index opens stronger and price may target 24385 to trap some buyers before a rollover. Longer term, the Index looks bullish so buyers may look to defend dips. The Nikkei saw a big short squeeze during the Asian session and then gave back a lot of the gains into the US close. Will be watching the 27500 zone to see if buyers are going to defend selling on the open.
Cryptos held up well off some key support levels so it is a good sign for bulls….or sellers have just run out of steam for now. Watching the 40750 zone on Bitcoin to see if buyers can lift price up and through 42560. Ethereum is being anchored down at 3188 for now so watching for a higher low off 3105.
Spot Gold squeezed out sellers on the break up through 1820. Price held the 1800/10 zone which was the first sign things were looking up for buyers. Price is too extended now for a new entry long so will be looking for a squeeze lower and see how price reacts around 1830.
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Hang Seng Index