Charts Marked with anticipated price action entry setups in yellow.
Ukraine and Russia concerns weigh on the US open and send markets lower to brush aside some European market strength. Major Indexes were setup for a fall into the US open as prices rallied into resistance before the open. There was some buying in the US off major support zones but prices gave back a lot of the gains into the close. US has ow started sanctions on Russia so the reaction may not be as bad as markets expect but there remains a lot of uncertainty.
The SPI200/ASX200 initially pushed up into 7222 (ASX200)/7144 (SPI200) at the start of the European session as Europe rallied off the weak open. Once the US markets opened, prices headed south again to flush into 7122 (ASX200)/7055 (SPI200) area around the days session close. The 7190 on the ASX200 and 7105 level on the SPI200 held to bring in selling into the close. Will be watching support zones on open to see if buyers are willing to soak up the selling pressure or whether we see more action lower. The DOW held below the 34010 area after a rally in the European session which was a setup to drag in buyers for the open. From there the price action headed straight back down to flush into 33577 before ending around the level at the close. Watching to see if the 33577 level can fend off more selling and squeeze out some sellers later into Europe or whether we see continuation lower. The Hang Seng was hit hard down off 23945 but did manage to bounce off 23300. Price is in no mans land for me at the moment so will be watching for either a flush on open down into 23300 again or up into 23945 for some setups. The Nikkei faired better than the Hang Seng as rice initially pushed lower into 26260 before rallying into 26860. Price eventually failed off the level into the US close so will be watching to see if the weakness continues on the open.
Cryptos managed to find some buyers in the Asian session and held onto the gains into the US close. Ethereum flushed 2590 and then closed back above the level which may drag in some bargain hunters today. Bitcoin rallied up off 36380 to squeeze out a few sellers but is in no mans land for me. I want to see a move up into 38850 or down through 37480 for some action.
Spot Gold was happy to hold 1910 but still remains up off 1886. It may be a ‘buy the rumour sell the fact’ safe have trade if bulls continue to struggle at 1910. If we see a lower high continue to form, expecting to see a push below 1886.
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Hang Seng Index