The SPI200/ASX200 both took a hit into the US close so expecting a weak open on the ASX. Price on both is in non mans land between levels so watching the open for a flush into support or a squeeze higher into resistance. The DOW was hammered through support so watching for either some back and fill and squeeze on shorts for a move higher or continuation lower off a lower high. The Hang Seng rocketed higher yesterday and did well to hold onto the gains although the futures market closed prior to the US selloff. Watching for a flush higher and then a squeeze on buyers. If price continues to find strength today, then looking for a higher low and move into new highs. The Nikkei was also savaged into the US close. Price pushed below 27420 and is holding between levels. The open is important as I will be watching for traders to get trapped…just not sure which way yet.
Cryptos were perking up before the US was hit when the weight of sellers spiked prices lower. Bitcoin has pushed into the 41000 zone so watching for a reaction from buyers and a higher low to stick for a long entry. If price flushes higher and starts to find more selling, then watch for a lower higher and another move into support. Ethereum is much the same although finding more selling through 3055 support as we speak…watching buyers reaction around this level.
Spot Gold is holding highs and has trapped traders above 1843 that may be the trigger for a squeeze lower.
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Hang Seng Index