Charts Marked with ideal price action entry setups in yellow.
Ukraine and Inflation concerns were at the forefront of traders minds at the start of the US session and pressured prices lower…until the Fed was its usually dovish self with rates. They are unwilling to give the market what it expects in the way of interest rate rises which triggered some buying into the close.
The SPI200/ASX200 pushed up into resistance levels into the US close that I expect will be flushed on the open. Traders are happy to buy into the index at the moment even as inflation fears grow. Support came in at 7162 on SPI200 and 7245 on ASX200. Expecting that we may see a pump and then a drop on open as some risk comes out of the action. The DOW saw some selling on the open on Ukraine and Inflation concerns as Retail Sales beat expectations before the Fed said “don’t worry…we think inflation is under control”….triggering the DOW to ramp back up into the close. A lot of confusion remains and traders are trading day by day (intraday) rather than longer term. Expecting the 35052 level to hold the action down today. The Hang Seng was lifted higher through 24730 after the market closed. The futures closed roughly where the underlying index closed so the open may be muted. For now, price is in no mans land so we will need to led the price action lead us after open. The Nikkei was testing into 27277 before price ramped up on FOMC minutes to push into 27507. This is a big resistance zone that I expect will hold down the action today. Wil watch for spikes into the zone to test for liquidity before a sell down.
Cryptos again followed the action of the stock market in the US. Bitcoin found sellers at 44510 and pressed into 43300 before bouncing with stock Indexes. Expecting the 44510 level to hold the action down. Ethereum pushed up into 3169 and held the level into the close. Expecting to see probes above the level but for the action to be contained ahead of the US session tonight.
Spot Gold seeing bulls putting in more of an effort now with price action rejecting a move lower before ramping higher into 1873. Expecting that price is extended but will be waiting for either a lower high and sell or higher low and continuation up.
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Hang Seng Index