Trading Plan for the days action 11/02/22

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US inflationary numbers came in stronger than expected to spook the market as FOMC member Bullard talks up a 1% hike. Traders getting the feeling that inflation is getting out of hand and the Fed will be forced to act hard.

The SPI200/ASX200 held resistance levels at the start of the US session before markets started to unhinge and move lower. Prices are holding lower highs and point to a weak open. Will be watching for a flush higher and then a lower high to hold. The DOW took a hit on the number and then bounced on the market open to retest into 35675 before failing miserably. Price action moved straight through 35330 and is in search of support potentially at 35070. Price is extended so expecting some volatility. The Hang Seng will open weaker after being hit off highs around 25095. Expecting to see a flush of 24750 and then grind higher or a flush up before price rolls over into new lows. The Nikkei was pushed lower all session off 27750. Price has extended the move down into 27350 but could easily continue today. Would like to see an opening flush higher to squeeze out some sellers first prior to a run lower.

Cryptos took a hit along with the selloff into share markets. Bitcoin fell lower off 45800 and has the opportunity to squeeze out a lot of buyers on a move below 43300. Ethereum also failed off 3273 so will be watching for any lower high to pressure prices lower into 2947.

Spot Gold went straight up and then straight down…toyed with the 1830 area and reacted to the USD not inflation news. Will be watching to see if price moves below 1825 or whether buyers are happy to defend the level.

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SPI200 Index

ASX200 Index

DOW Index

Hang Seng Index

Nikkei Index



Spot Gold

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