Trading Plan for the days action 21/02/22

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Charts Marked with anticipated price action entry setups in yellow.

Ukraine and Russia concerns continue to weigh on market sentiment into a long weekend for the US and things are only expected to get worse before they get better.

The SPI200/ASX200 both came under pressure into the US close to end on session lows. Expecting the fear to continue on the open and for a flush lower. From there, it will be about whether bargain hunters want to dip their toes in the water and add risk expecting a bounce soon. I feel that we will be looking down to 7055 on the SPI200 and 7140 on the ASX200. The DOW held a lower high and pushed down below 34305. Expecting that sellers have their sights set on a push down to lows around 33550 but that is a long way off. Until buyers can break back up above 34590, the trend down will remain in tact. The Hang Seng took another hit in the second session before the underlying index closed…lately it has been setup in the first session only to see the move coming into the European open in the second session. Price recovered something into the US close but expect that as intradays short positions being closed into the weekend. Will be watching to see how buyers react around 24250. The Nikkei basically closed where it start the day around 26855. Buyers stood their ground at 26800 although the trend down remains in tact. Expecting there to be some buying one the open to spike higher but not expecting to see bulls get carried away today.

Cryptos will open lower after price action continues to find sellers over the weekend. Bitcoin is expected to open around 38850 and Ethereum around 2590. If these levels can not hold then expecting a further unwind lower.

Spot Gold fended off a selloff into 1887 as the safe haven buyers continue to support price looking for a push up through 1900. The 1899 level will be interesting to see on the open as a pullback from this level may lead to a squeeze on buyers prior to the US session opens. If buyers continue to march price higher then looking for the pullback and retest for the buy.

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SPI200 Index