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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 back after the break to ease lower as they start to focus on a big week of earnings. There are some important inflationary numbers out this week with Fed Presidents speeches to also focus on that traders will be watching for the rate rise outlook.
The SPI200/ASX200 are both tentatively moving up into new highs although the underlying ASX200 index could be running out of puff and need to flush lower to drag in more bulls. Expecting a flush higher on the open and then some sellers to pressure lower into the close off resistance levels. There are a lot of longs built up that could get squeezed out of the action. The DOW is holding some key lower levels with the latest resistance area around 34885. Price is also holding a potential higher low at 34296 that I will be focusing on today. If the support can hold, then I expect to see a flush higher to clear out some sellers…expect to see the action late in the European session into the US open. Hang Seng is edging lower and I expect to see more negative action if 21587 holds today. Will be watching for an early flush higher on the open and then sellers to jump in and the index to fade lower. Key levels will be 21587 and then 21038. The Nikkei was open yesterday and determined to grind higher off 26562. The move could be a trap for the open to drag in some buyers for a flush lower. Watching 26810 to see if the level holds or breaks If it breaks then I am expecting a move down into 26562. If it holds, may see a grinding day higher.
Cryptos were buoyed in the overnight session as US indexes held up. Bitcoin flushed below 39200 and then bounced back which, for now, looks like a stop hunt prior to a higher low holding. If bulls can hold price up off 39200, then watching for a higher low buy entry setup. Price may need to flush 41450 prior so could be a scalp short on the cards. Ethereum had similar price action off 2942 after a stop hunt below the level. Watching 3051 to see how buyers and sellers react.
Spot Gold has been steadily climbing higher off 1917 and recently tested and held 1964. The bias for me is up so I am watching for an extension into 2007 off a higher low. Price will need to ideally flush lower and then break up through 1983 off a higher low.
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Hang Seng Index