Follow on FaceBook – Twitter – LinkedIn – YouTube and Instagram!!
The SPI200/ASX200 both added to the day sessions gains to move up through resistance levels and hold above into the close. The action looks intent on going higher with the ASX wiping away all the losses from the previous selloff. Even though it looks bullish, the indexes have been doing strange things so I will be on guard for a flush lower. The DOW broke above the 35675 level bit did most of the heavy lifting prior to the US session open…as the underlying index gapped up and went sideways. The 35675 level is a strong level so still expect a reaction lower but if the consolidation above continues, then expect a push to 36015. The Hang Seng did nothing through the European session until the US opened and then broke up through 25015. If price can hold above during the opening shenanigans, then looking for a move into 25234. If not, watching for a squeeze lower. The index will gap up again around 200/250 pts. The Nikkei powered higher through both European and US trade. There is a good level at 27885 that I expect to be flushed to trap some buyers, then will be watching for a squeeze lower.
Cryptos were supported with Bitcoin holding above 43300 and looking set to continue higher into 45800. Watching for a higher low into the zone. Ethereum has extended up into 3273 where we may see some profit taking for a move lower. If price can push through and hold, then looking up to 3418.
Spot Gold again did the heavy lifting into the US open and broke up through 1830. Will be watching for either consolidation above and then a continuation trade up off a higher low, or a lower high for a move back below 1830.
Join Our Traders Discord Channel (email firstname.lastname@example.org for the link)
Hang Seng Index