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Charts Marked with anticipated price action entry setups in yellow.
Safe haven trades were again the flavour of the session as the USD, Gold and Bonds rallying. The indexes went lower in a risk off tone into the start of the month. Oil took off which will only add to inflation concerns and in turn weigh on markets.
The SPI200/ASX200 were weighed down by sellers but did have a last ditched effort to squeeze out some shorts into the close. I expect that the ASX open is going to be nervy and see some risk off so watching for any flush higher to on the open to then see a lower high. Level to watch on open is 6997/7000 on the SPI200 and 7024 on the ASX200. The DOW fell away from the 34010 level from the European open and then fell through 33490. Price did find some buyers to stem the tide of selling but price action is looking heavy. Watching to see if the 33490 zone can hold and then see a move lower into 33005. Hang Seng held up off 22430 in what was a choppy session with lots of flushes of levels. Watching the opening drive to see if sellers will attack 22430 or whether buyers can squeeze price higher through 22620 to defend lows. The Nikkei also came under pressure after holding the 26910 level in the Asian session. Price action took out the lows at 26535 and looks set to extend on the move down if 26535 holds.
Cryptos managed to add to the previous sessions gains and move higher into resistance levels. Bitcoin has extended up into 44550 where is saw some profit taking and sellers edge into the action. Watching the level to see if there will be a lower high hold or whether the rally will extend up to test into 45800. Ethereum is much the same with 3036. Watching for continuation up to test 3182 or a lower high for a squeeze lower.
Spot Gold had a good session as safe havens rallied. Price pushed up through 1928 off a nice higher low and is now extended into no mans land. Will need to see a pullback to get long potentially off 1928 or a lower high to set up a sell opportunity.
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Hang Seng Index