Charts Marked with anticipated price action entry setups in yellow.
Some risk came out of oil as price faded off major highs. Trade was generally contained in the US ahead of key employment data. Safe havens generally remained bid although did not add to recent gains as Bond yields continued to edge higher expected a rate rise soon.
The SPI200/ASX200 came under pressure after the days session close to give up the previous sessions gains. Expecting to see some bargain hunting again on the open although would expect many to steer clear of adding to much risk into the US numbers and weekend. Support is at 7070 on ASX200 and 7053 on SPI200 while Resistance is at 7112 ASX200 and 7090 on SPI200. The DOW held below 34055 and rejected a test back into the level from buyers. Price was uncertain but looks heavy so will be watching for a lower high to short into. Do not expect a lot ahead of the US employment data release. Hang Seng found support at 22082 into the close after smashing through 22305 support early in the US session. Price remains under pressure and heading down into major lows. It is extended so could easily bounce out of the blue. For now, will look to work shorts off a lower high and any long off a flush and higher low. The Nikkei also too a hit at the start of the US session as price moved down through 26430. The move through support found some buyers below to hold price up off 26265 which I expect may be tested on the open. Expecting a flush lower and then a higher low for a long and squeeze on shorts.
Cryptos came under pressure to move through support at 43000 on Bitcoin and 2900 on Ethereum. For any short, would like to see a retest and fail of the level from beneath to trigger more sellers into action. For a long, price needs to work into a support zone or back above the two levels mentioned.
Spot Gold held a support level at 1923 and found some willing buyers to lift price higher. Although price action looks set to go higher, it will be a hard long ahead of the European session and US payrolls. If the long plays out, expecting a push up into highs around 1973.
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Hang Seng Index