Trading Plan for the days action 31/01/22

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The SPI200/ASX200 both had buyers ramp price higher into the US close but that was after coming under pressure in the European session. Both ended below the days session close so expecting to see some bargain hunting on the ASX open. Watching to see if bulls can hold a higher low and continue on from Fridays positive day session move. The DOW extended up into the 34747 level that it has had problems with before. This will be the key level today to see whether bulls can hold a higher low off the level or whether we see a flush up through then lower high to squeeze out some buyers. The Hang Seng was held down for the US session below 23600 and has been in a good down trend off 24030. Watching to see if we get an early flush lower to extend on the losses (into the 23100 zone) before a bounce or whether the bulls ramp higher from the open through 23600. The Nikkei ended the session on a high after rejecting a late push lower. Watching to see if the open can test into 26887 and then some failure or whether we see a flush lower to clear out some buyers.

Cryptos edged higher and had a well contained weekend. Prices continue to look heavy which may suggest another test into lows. Expecting Bitcoin to hold below 39000 and will be watching for a key lower high for shorts. Ethereum should open above 2495 but also looks a little heavy from the weekend. Watching to see how buyers react on a push into 2495.

Spot Gold continues to hang around lows and support as the longer term momentum down runs out of steam. Expecting to see buyers support price soon for a run higher and squeeze on all the recent sellers.

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SPI200 Index