Trading Plan for the days action 29/04/22

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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 indexes boosted by earnings beats namely from Apple. The USD continues to power higher as inflation continues to pressure everything but share prices. A big miss on the GDP number may give the US Fed some breathing room for interest rates although the Consumer remains strong.

The SPI200/ASX200 both moved higher through European and US trade which will lead to a strong open. Prices are up near resistance which could see a flush and some profit taking into the weekend. Watching for a lower high off the levels (refer to charts). If prices hold, then we may expect to see an extension on the rally. The DOW ramped up off 33268 which it hinted at the last few sessions. Price did fail to break up and through 34120 but may be resetting to hold a higher low and then flush up through the level. Hang Seng continues to hold below the 20265 area but also fending off a serious move lower holding slightly higher lows. The longer term daily trend is down but may be easing so watching to see if buyers can bust up through 20265 today. Watching for an early flush lower and then ramp again. If price flushes into 20265 early and it holds, then watching for a fade lower off the level. The Nikkei crept higher through 27230 after holding 26910 at the start of the US session. Will be watching to see if bulls can keep the momentum going or whether price fades lower off 27230.

Cryptos were messy through the European and US sessions. Price fending off an early selloff into the US open and then pushed to new highs along with the US Indexes. Bitcoin is hovering below 40600 resistance so watching to see if buyers can flush then level before a lower high holds. Ethereum was also very choppy and is grinding higher off 2776 but not convincingly. Expecting more grinding action higher today.

Spot Gold lifted off 1875 into 1893 but is holding the recent trend down for now. Watching to see if sellers come in to push price down off 1893 or whether buyers can continue to push higher into 1904.

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SPI200 Index