Refer to charts for comments on expected price action. Charts Marked with anticipated entry setups in yellow.
Russia continues to be isolated triggering another push higher in oil and safe havens. Major indexes find some buyers off the open but a late fade lower in the sessions sees continued uncertainty. US bond yields continue to inch higher adding further inflationary pressure to markets.
The SPI200/ASX200 had a very choppy overnight session with prices ending lower thanks to a late fall in the US. Watching support around 6943 then 6900 on the SPI200 and 6935 then 6885 on the ASX200 for some action. The DOW took a hit late in the session after an earlier rally off open from some bargain hunting. Buyers are still not willing to add too much risk to markets longer term and seem to be trading intraday. Price pushed down into 32600 into the close which will be key today for either a long from a higher low or a continuation short lower off a lower high. Hang Seng found itself in a wide range between 21110 and 20655 with prices currently move down off the 21005 zone. Will be looking for an extension lower on open and then for some buyers to hold a lower high for a flush on shorts and pop higher. If 20655 can not hold on the open, then will watch for a lower high to work a short from. The Nikkei was choppy and uncertainty as sellers take their foot off the gas although buyers are not willing to hold too long. Watching to see how buyers and sellers react to 24740 on the open for an opening drive either down into 24545 or up to test into the highs.
Cryptos continued to look heavy with Bitcoin holding below 38850 and Ethereum below 2609. With a rejection of the highs, both may look to drag in more sellers for a move down off a lower high.
Spot Gold has blasted higher into daily highs around 2070. Price is extended and may look to squeeze out some buyers (especially being extended into daily highs) on a move lower before another leg higher. Would like to see a pop higher to trap some buyers before looking for a short off a lower high. If price continues to want to hold higher lows on teh 30min chart, then ‘the trend is your friend’ for lower timeframe entries.
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Hang Seng Index