Trading Plan for the days action 29/03/22

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

Tesla announces a stock spilt and rallies to support tech shares. Historically stock splits have been bullish so traders getting a jump on the rally. Tesla overshadowed weakness in energy and banks while news that Russia and Ukraine will hold face to face talks gave traders some ‘war talk’ relief. China lockdown may become an issue but potentially not until the end of the quarter ends and the ‘window dressing’ is over with.

The SPI200/ASX200 both rallied into the day sessions highs to end the overnight session with gains. Prices did test lower early in the US session but managed to find buyers as the US rallied into the close. Watching the resistance levels to see if price again sees an early flush lower on the ASX open or whether there will be continuation higher. The DOW saw a choppy session with price initially flushing 34648 to trap some sellers and then ramping higher into the close to end above 34892. Expecting that traders are window dressing into the end of the quarter so expect to see price trade into 35055. Watching for a flush lower and then buyers to again provide support. Hang Seng spent the session rallying after the opening flush lower. Price found some support around 21695 before moving up into 21918 resistance. Watching for the 21918 level to be tested on the open as there will be a lot of stops packed above the level. Price could easily extend into 22190 before fading lower. If price again flushes lower on the open, then expecting to see a grind higher again. The Nikkei tested into the 27900 zone a few times during the session and each time buyers were happy to provide support. Price then ramped into the US close to end just below 28286. If there is going to be a move straight down again, then will need to work off a lower high. If price flushes higher on the open, then 28286 is the key for either continuation longs or a lower high selloff.

Cryptos spent all session grinding higher and are in no mans land at the moment with no major level in sight. If share indexes again press higher then Bitcoin and Ethereum will follow. Only trades will be to work off minor higher lows or a short of a key lower high looking for a flush.

Spot Gold took a dive at the start of the Asian market session and then rallied to test back into 1940 before continuing down into the US close. Watching 1916 and 19100 to see if buyers are willing to provide support.

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SPI200 Index