Trading Plan for the days action 18/02/22

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Charts Marked with ideal price action entry setups in yellow.

Ukraine and Russia are back at it intent on airing their differences. The blame game has started with the US saying Russia plans to attack Ukraine while Russia accused Washington of ignoring its security demands….politics again leading to conflict.

The SPI200/ASX200 pushed down into new lows and bulls will be desperately looking for some support today. Prices are holding lower highs so the open will be important to see if we get another random rally or whether there is some longer term weakness expected from fundies. The DOW pushed down into a major support level and closed below. The move down confirms a major lower high that is threatening to unravel bulls expectations of a recovery. There is a lot of risk off at the moment and expecting to see DOW push lower if price holds below 34580. The Hang Seng took a hit after the market closed to break down below 24668 to test into 24535. This is a key level and will drag in a lot of sellers if it does not hold into the weekend. Will be watching for either a flush and reclaim of the level or a lower high and failure. The Nikkei pushed below 27145, held a lower high after retesting the level from below, and then proceeded to fall out of bed. Watching to see if buyers step in to defend 26885 or whether we can expect lower levels today.

Cryptos took a hit and rolled over with the stock market. Concerns continue to drive the action lower and there is a distinct lack of buyers as compared to previously when Bitcoin was the rage. Bitcoin will need to hold back above the 40900 area to fend off a bigger move down. Ethereum is also on the ropes and could easily extend on the move down into 2825.

Spot Gold continued to find a safe haven bid and rally up into the 1900 zone with a target a bit higher around 1910. Will be watching to see if markets continue to fade into the weekend which will help Gold extend the safe haven bid into 1910 and potentially see a reaction from sellers/profit taking.

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SPI200 Index