Charts Marked with ideal price action entry setups in yellow.
US inflation concerns mount while Ukraine conflict adds fuel to the bearish fire.
The SPI200/ASX200 both found some buyers through the European session before getting hit along with key US markets into the close. Expecting traders to show their concerns on the open and remain risk off leaving the market to open weak. The DOW bounced off the 34950 area coming into the US open and drag in some buyers to later get squeezed out and be the fuel for the move lower. Price may try to fight back above the 34830 area but I do expect that the sellers will continue to pressure the action lower. The Hang Seng extended lower into 24580 before some short covering kicked price off lows into the US close. Want to see some sellers be squeezed out prior to another leg lower below 24580. If price rallies above 24670 and holds a retest, then watching for a run higher. The Nikkei took a hit lower off 27460 and consolidated the losses into the close just above 26875. Will be watching to see the reaction from buyers on the open for either a squeeze higher or a continuation trade lower.
Cryptos found some weakness along with share markets into the weekend and continued that weakness over the weekend. Expect to see Bitcoin open around 42000 and test into the 40900 zone. Ethereum is expected to hover around 2947 and test the resolve of bulls. Will be watching for a potential breakdown if share markets come under fire in Asian trade.
Spot Gold found a safe haven bid and ramped higher along with the USD…which is a change of character from recent action. Expect that price is extended so will need to see a pullback to flush out some buyers prior to any entry long. If a lower high starts to hold, then there is the potential for a flush lower into 1845.
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Hang Seng Index