Charts Marked with anticipated entry setups in YELLOW and ideal setup in GREEN. There will be many possible scenarios shown so it is key to work off major levels and higher lows/lower highs once the price action unfolds. All prices refer to the CFD pricing from the charts below. Opening times (AEST) are 10am SPI/N225, 11:15/30am HSI, 4/5pm DAX and UK100 and 10:30/11:30pm DOW and USTech100.
OVERNIGHT MARKET SNAPSHOT FOR MONDAY 20/06/22
US Indexes hovered around the lows as traders took it easy ahead of the long weekend where many will look to recuperate after the rough week in the markets. The USD ramped back up which pressured commodities lower while Oil fell away from highs which will be a welcome relief for many…if we see the drop reflected at the petrol pumps. US Bank Holiday, ECB President Lagarde Speaks and US Bullard Speaks.
The ASX200 is expected to open DOWN 25 points after the SPI200 gave up the days gains to end lower into the weekend. Expecting that we may see a relatively quiet session with the US closed tonight.
SPI200 (Sep) overnight futures down 19 pts to 6345
SP500 up 8.07 pts to 3674.84
NASDAQ Composite up 152.25 pts to 10798.35
Dow Jones down 38.29 pts to 29888.78
FTSE100 down 28.73 pts to 7016.25
DAX30 up 87.77 pts to 13126.26
GOLD futures US session (Aug) down $9.30 to $1840.60 an ounce
COPPER futures US session (Comex Jul) down $0.0970 to $4.0110 a pound
OIL futures US Session (Nymex Jul) down $8.03 to $109.56 a barrel
CRB Index down 8.09 pts to 309.08
AUDUSD trading at 0.6932
EURUSD trading at 1.0499
GBPUSD trading at 1.2241
USDJPY trading at 135.0200
USD Index US Session (ICE Sep) up 1.043 to 104.460
The SPI200/ASX200 remains under pressure as 6395 holds on the SPI200. The key level today is 6370 which could hold as a lower high and see continuation back down through 6310. For now, the ASX remains in a downtrend but is getting extended to the downside (refer the the members area for updated ASX200 charts). The DOW held below a clear level at 30142 and off a longer term support area around 29640. I expect that the action will be contained between these levels today with the long weekend and bank holiday. The US Tech 100 is much the same as the DOW as it holds up off longer term support around 11015 for now. Price continues to hold the longer term downtrend with the anchor at 11660. Hang Seng held up off 20595 during the day session Friday and then failed to push back up into major resistance at 21540. If the minor lower high at 21060 holds then I expect to see a push down into 20595. If price flushes below 20873 and ramps straight back up then a push above 21060 is on the cards. The Nikkei could not get up above the 26130 area and remains under pressure. Would like to see a flush higher on the open to trigger some stops and trap some buyers before a later unwind back down into 25836 and below. The DAX Index saw a choppy session as price tries to hold a higher low at 13065. Problem is that sellers are capping rallies into 13295 so may be setting up for another leg lower. Watching for a lower high from the open of the European session but do expect the action to be more range bound than trending with the US closed. UK 100 Index held below 7140 and pushed back down into 7000 looking set for a push into new lows and sellers remain in control. As the US is closed, expecting to see a flush below 7000 and then some back and fill back up to clear out some sellers while remaining well below 7140.
Cryptos continues to be under pressure as more Cryptocurrency pairs come under pressure and test the resolve of longer term holders. Ethereum is showing signs of holding a base around the 1000 level which may attract some bargain hunters and believers to ‘double down’ so watching for a higher low and some corrective action up. Bitcoin is still testing into lows around $20k and holding for now. I expect that sellers will flush the level before any significant short squeeze higher, potentially into the $18370 level.
Spot Gold continues to correct the run up from 1815 and may look to hold the 1835 area for support. Any higher low off 1835 may drag in some buyers for a run back up into and through 1852. If not, then a lower high may lead to a further push lower into 1815. Crude Oil took a hit down through 111.75 and then 108.78 before reacting higher into the US close. Expecting that there may be some corrective action back up above 108.78 today but may be limited with the US closed tonight. USD Index has bounced back from the hit it took after Powells statement on inflation and interest rates. Price reacted lower off 104.985 as momentum up slows. Will be watching to see if a lower high holds off 104.985 or whether price continues the grind higher….but do expect to hold below.
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US Tech 100 Index
Hang Seng Index