Refer to charts for comments on expected price action. Charts Marked with anticipated entry setups in YELLOW and ideal setup in GREEN.
Talks between the Ukraine and Russia may be failing a day after Russia promised to ‘scale down operations’. Russia again took the opportunity to bomb targets around Kyiv which saw traders move into safe havens and out of some risk assets. Key employment data on Friday in the US will be a focus which may contain the action into the end of the quarter.
The SPI200/ASX200 meandered sideways through the European session before being ramped higher at the start of the US session. Price gave up most of the gains into the US close to hold below resistance. Will be watching for a test into resistance on the open before a fade lower into the close. The DOW again held between 35055 and 35325 with an opening surge into resistance giving way to selling before the algos lessened the pain into the close. Expecting to see price hold between the levels today ahead of the US open where I would expect to see another early test into the highs. Hang Seng ramped up into resistance at 22375 at the start of the US session before grinding back down to 22135 into the close. Prices remain choppy and continue to consolidate recent gains off lows. Expect that we may see a flush into highs and then a fade lower. If price does again flush lower into 22135 on the open, will watch for a grind higher. The Nikkei was sold lower yesterday and price held a lower high at 28020 which may keep the markets under pressure again today. Watching to see if price tests into 27737 or 27600. Price looks set to hold a lower high so watching for an early flush higher to clear out some sellers.
Cryptos had an uneventful session with prices lacking any direction. Both Ethereum and Bitcoin held spikes into support levels but may also be showing signs of a lower high which may lead to an unwind of some long positions. For now, both remain range bound.
Spot Gold found some safe haven buying to pressure prices higher off 1916 as expected. Price now has 1940 and 1950 resistance zones to contend with and will need to clearly break these levels for a shot at 1968 and higher. Watching for a drift lower into 1927 and will be ready for any news driven rally off the zone.
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Hang Seng Index