Trading Plan for the days action 4/04/22

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Refer to charts for comments on expected price action. Charts Marked with anticipated entry setups in YELLOW and ideal setup in GREEN.

US markets ended the week Friday with modest gains as employment and Average hourly earnings data came out in line with expectations. This keeps the focus on inflation and interest rates. Oil pushes lower back down through the $100 level and looks set to continue to pressure lower.

The SPI200/ASX200 were both saved from a negative close by a last minute ramp. The ASX and SPI were both lifted into the US close to end in to the green in what could have been a short squeeze. Prices ended near resistance so expecting to see another ramping into the ASX on the open and push into 7509 on the SPI200 and 7550 on the ASX200. The DOW moved lower from the open but found support during the session to lift off lows around 34565. Price may still be capped at 34892 again today so watching for any flush into the zone to be rejected early. Expecting to see price flush lower and will be watching to see a higher low build drag in buyers for a push up through 34892 into the US open. Hang Seng was pushed higher from the start of the Asian market session and into the US open. Bulls wanted to see higher prices and forced sellers out of the action. Price later faded off resistance at 22375 into 22135. Watching to see if 22135 can hold today for a shot at breaking up through 22375 or whether it fails and we see sellers reverse Fridays action. The Nikkei also rallied from the open of the Asian session and only faded early in the US session. Price still held some support at 27604 so may want to flush up through 27847 on the open. Expecting to see a flush higher on open and then some weakness into the action.

Cryptos initially flushed lower as expected to clear out some buyers. Prices then ramped higher along with share market indexes but managed to hold the gains over the weekend. Bitcoin punched up through 46875 resistance so watching to see if the move can hold for higher prices or whether it fails and we see a long squeeze and push lower. Ethereum looks much the same with a move up through 3443. Buyers are strong and look ready to push up to 3635….may need to clear out some buyers first.

Spot Gold continued to work its way lower off 1950 and is potentially set to flush into 1916. The 1916 level is key today to see if it can drag in some bulls to break the recent downtrend or whether price wants to continue lower. Watching for a flush into 1916 and then some buyers to lift price.

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SPI200 Index