Trading Plan for the days action 16/02/22

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Charts Marked with ideal price action entry setups in yellow.

PPI numbers came out strong adding fuel to concerns over inflation…or so you would think. Major indexes were happy that any escalation in the Ukraine conflict has been avoided and ramped prices higher….happy to worry about rate rises later!

The SPI200/ASX200 both spent most of the overnight session pushing up into resistance…7168 on SPI200 and 7259 on ASX200. Expecting the open action to be around this level to either flush and fail or break and continue higher. The DOW saw a choppy close with the index seemingly wanting to be higher as price dumped 130 pts before rallying 160 in the final 30 mins. Price action looks to be getting heavy although, from the closing action, could easily ramp up through 35065. The Hang Seng closed into 24672 after holding above 24556. Another strange session with losses into the Index close, brushed aside in the European and US session which means that the underlying index will gap higher on open…around 250/270 pts. Key level around open is 24672 looking for either continuation or failure. Be weary that the Hang Seng could easily spike up and then fail like yesterdays open. The Nikkei also pushed into a resistance level around 27460 after a slow steady grind higher off 26875. Expecting to see some sort of attack on buyers for a squeeze lower. If prices does push above the level and consolidate, then a ramp higher is on the cards.

Cryptos edged higher off the previous sessions lows. Bitcoin is hovering above 43885 and is yet to prove it wants to go higher. Watching for a break up or failure back below the 43885. Ethereum pushed up into resistance around 3133 which it held below into the US close. Price has flushed the level so feeling biased down on this so watching for a lower high.

Spot Gold failed off 1873 once the safe haven bid left and bailed on the action. Price could continue the move down through 1848 to really squeeze out more buyers. The USD generally edged lower even after strong PPI data which would have expected to be bullish….this shows the safe haven run up into the USD was stronger. If gold has truly rebalanced then will be watching for 1848 to hold…but feel it wants to squeeze lower.

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SPI200 Index