Trading Plan for the days action 28/01/22

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Tech continued to weigh on the broader market with Tesla having a rough session. GDP data out in the US was stronger than expected putting upward pressure on the USD and more pressure on the Fed and rate rises.

The SPI200/ASX200 both got off to a good start through European trade before giving back some gains into the US close. Expecting to see a flush higher and then further weakness into the weekend although the ASX200 is on its knees at the moment and may see some bargain hunting. The DOW again pushed into and then fell away from 34747. Price held a bid at 34040 into the close so expecting to see a squeeze higher. Will be watching to see what happens around the 34510 (sneaky inside level) to see if sellers want to hold a lower high. The Hang Seng was all one way action lower during the day session before ramping higher in European trade. Price held below 24040 which may be a focus for a flush today. The 23902 level may also see some selling pressure if yesterday was anything to go by. The Nikkei also took a hit during the Asian market session before bouncing through European trade. Watching to see if price wants to flush up into 26877 or hold a lower high and push down into 26215.

Cryptos continue to show weakness as buyers are trapped and then squeezed out on a move lower. Bitcoin looks set to push lower through 35500 if 37500 holds the action down. Ethereum is also under pressure and could see continuation lower if 2495 holds.

Spot Gold really hates the bulls at the moment and continues to be linked to the USD not inflation. ..USD up, Gold down. Watching the 1786 area as price is extended lower. Need to see some buyers start to step in to defend the level before any long and will need to see a higher low that could trigger a squeeze higher.

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SPI200 Index