Trading Plan for the days action 28/03/22

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Refer to charts for comments on expected price action. Charts Marked with anticipated entry setups in yellow.

US markets brushed aside some earlier weakness to push up into the close. Some weaker than expected data capped the buying enthusiasm although intraday shorts were squeezed out into the close to provide support.

The SPI200/ASX200 again followed up a choppy day session with a rally in the overnight session and a high of session close. Prices continue to get ramped out of hours so expecting more of the same today. Watching for a squeeze on longs on the open and for price to flush lower before finding buyers for support. If price can not get back down through 7438 on ASX200 and 7400 on the SPI200, then expect a ramp up into resistance. The DOW was largely range bound between 34648 and 34892. Support at 34648 held a higher low so we may see price build for an extension up to 35055 today or in the European session. Hang Seng took a hit Friday down through 21695 before grinding its way higher off 21265. The way the market moved up off support was not convincing so the key level today is 21695. Expecting to see the level flushed on the open and then will be looking for more weakness and a push lower. The Nikkei initially flushed below the 28014 level early in the day session before holding a retest of the level a few more times in the overnight session. Watching for price to spike up through 28286 on open and test into 28368. From there, it will be whether bulls come out to play or bears for either an extension through 28368 or not.

Cryptos have moved higher over the weekend, from Fridays close, so expect to see a strong open. Bitcoin is pushing up into the 45400 area where we may see some profit taking and a move lower. If the level can break and then hold a retest of the 45400 area, may see higher prices. Ethereum is expected to open above or around 3190 so will be looking for either some profit taking and move lower off a lower high or continuation up into 3254.

Spot Gold reacted down off 1966 as expected but in a good sign for bulls, price bounced well off the 1950 level. Expecting an push back into the 1950 area to be supported and price to look to break up through 1966 the second time around. If the level holds again, then expect to see a deeper corrective move lower below 1950.

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SPI200 Index