Trading Plan for the days action 22/02/22

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Charts Marked with anticipated price action entry setups in yellow.

US market Indexes closed overnight so volume on futures was light and the European markets were left to their own devices…with the DAX taking a hit lower. There is still fears around Ukraine as news is giving mixed headlines. Skirmishes have broken out at the border which could be a pretext for Russia to invade while Biden and Putin had agreed in principle to a summit on Ukraine.

The SPI200/ASX200 initially pushed up at the start of European trade before heading lower for the rest of the session as the US was closed. Prices are back down to the lows of the day session before the rally so we may see more support come in today off any flush lower…just depends on how traders are viewing Ukraine news. The DOW moved lower but in line with the DAX. Markets were closed and Futures closed early leaving buyers to be squeezed lower. Expecting to see price test into 33550 but do expect a news headline driven market which will react to any new developments between the US, Russia and Ukraine. The Hang Seng had a very choppy session between 24250 and 23945. The day session in Asian trade, was just clearing out both sides of the market before price drifted lower with Europe. Price is hovering around 23945 which will get flushed so then watching for either a clear lower high or higher low fir entries. The Nikkei bounced hard off 26570 into 27000 in Asian trade on positive Ukrainian news before heading straight back down again into the US close. Expecting that price will flush the 26570 level on open to trap some sellers before a bounce.

Cryptos were also choppy lacking a lead from the US. Bitcoin held below 38850 and looks set to test into 36380 if another lower high holds…will depend on how Asian markets react today. Ethereum was range bound between 2750 and 2590 and also may be looking to head south. Expect that both will depend on news headlines and the reaction from traders.

Spot Gold also spent time choppy around traders between 1887 and 1910 with price ended towards highs on a continued safe haven bid. Watching for 1910 to hold and cap the action until the US opens later.

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SPI200 Index