Trading Plan for the days action 8/02/22

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US markets had a choppy session as bulls failed to ramp prices higher. Sellers stepped in to the action to push major Indexes lower into the close.

The SPI200/ASX200 both took a hit into the US close off resistance levels (highs into the Days close). Prices had a choppy session and I expect the same today. Working of key levels will be important if the action is to be as choppy as yesterday. Watching for a flush lower on the open. The DOW fell from 35330 and then bounced off 35000 into the close. The fall lower was a sharp move which, to me, highlights nervousness. The close is in no mans land so I am watching for a either a test into 35330 or 3500 again. The Hang Seng is also choppy with a lack of direction at the moment. Prices fell hard off 24600 along with the US but continues to hold minor higher lows. Will want to see how buyers and sellers react around 24595 or 24460 on the open. The Nikkei also dropped like a stone into the close but found buyers into the previous low around 27208. There is a major top holding at 27460 that could bring in sellers today for a move into 27000 so will be looking for an initial flush higher and then a lower high.

Cryptos ramped higher and are getting traders excited again (hence the new $100k targets on the twitter feed). Bitcoin is holding a trend higher so watching for a higher low to hold for buys or an extension into 45800 and a short opp. Ethereum is much the same so going with the flow for now.

Spot Gold finally found some consistent buying off 1809 and looks set to rally into 1830. I will be looking to see some sellers into 1830 (if it gets there) for a short otherwise just watching the grind higher.

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SPI200 Index

ASX200 Index

DOW Index

Hang Seng Index

Nikkei Index



Spot Gold

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