Trading Plan for the days action 1/03/22

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Charts Marked with anticipated price action entry setups in yellow.

The US was well contained into the end of the month and managed to brush aside the weekend negativity and retain the gains from the previous few sessions. The momentum remains down for now.

The SPI200/ASX200 were choppy and at one point made back all the day sessions losses. Both found support during the European and US sessions around 7055 for ASX200 and 7025 for the SPI200. These levels may come under fire on the open so will be the focus to hold for any long setups. If the levels break, then will be looking for lower highs below for selling. The DOW held the 33490 levels as bulls defended the level into the end of month in a choppy session. Price did find sellers stepping into on any spike up to 34010 in what ended as a ranging session. The 34010 level is a strong level so will be watching to see how buyers and sellers react in the area in the Asian session. I do expect buyers to be trapped above the level on any spike through and then failure into European or later into the US open. Hang Seng ended the US session up near where it started yesterday just below 22840. Price held the 22620 level a few times so will be a key level to watch today. There could be a gap fill trade up to 23135 so will be watching the opening drive for a higher low above 22840. The Nikkei rallied all the way back up to 26910 off the days lows at 26265 before fading lower into the US close. Price action was choppy with minor levels at 26735 and down below at 26535.

Cryptos had a positive session with a strong ramp higher at the start of the US session. Bitcoin rallied around 10% while Ethereum rallied 8.8%. Both pushed up into resistance zones with no pullback so there is an opportunity for a short setup and squeeze lower.

Spot Gold started the day yesterday with a gap up which was the high for the session. Safe haven buyers were caught out with the action in the support in the European and US markets so we saw some whipsaw action in the precious metal. I expect that gold may fade lower off 1910 today unless there is some negative news releases.

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SPI200 Index