Trading Plan for the days action for 21/06/22

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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.

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OVERNIGHT MARKET SNAPSHOT FOR TUESDAY 21/06/22

US Indexes were closed so the rest of the market took the opportunity to ramp higher setting up for a better open today. European markets were up from the open as they put in an effort to correct higher from the previous selloff. Traders will be looking to the Asian session to see if they can carry on with the overnight enthusiasm and rally higher. USD edged lower giving risk assets a reason to rally while Gold and Oil hovered around the previous close. RBA at 10am and then Aussie Monetary Policy Meeting Minutes at 11:30am. CAD Retail Sales at 10:30pm.

The ASX200 is expected to open UP 50 points as the SPI200 was ramped higher in a thin market with the US closed.

SPI200 (Sep) overnight futures up 47 pts to 6388
SP500 Closed
NASDAQ Composite Closed
Dow Jones Closed
FTSE100 up 105.56 pts to 7121.81
DAX30 up 139.34 pts to 13265.60
GOLD futures US session (Aug) up $0.10 to $1840.70 an ounce
COPPER futures US session (Comex Jul) down $0.0075 to $4.0060 a pound
OIL futures US Session (Nymex Jul) up $0.71 to $110.27 a barrel
CRB Index Closed
AUDUSD trading at 0.6951
EURUSD trading at 1.0511
GBPUSD trading at 1.2249
USDJPY trading at 135.0800
USD Index US Session (ICE Sep) down 0.243 to 104.245

CLICK HERE FOR ECONOMIC DATA OUT TODAY (AEST) 21/06/22

The SPI200/ASX200 ramped higher in overnight trade to erase the day sessions losses. The market was very thinly traded with the US closed so we are in for a stronger open which will no doubt entice some buyers into the action potentially to trap them before a move lower. Expecting to see a squeeze on the overnight buyers before we settle in for a choppy session. If price can break above 6395 on the SPI200 and hold, then we may see a good squeeze higher…but do not expect much today. (Refer the the members area for updated ASX200 charts). The DOW futures closed early with the public holiday so no real action to speak of. Would expect to see a flush of 30180 and then price to hold the level for a squeeze higher. The longer term trend remains down but extended down into a daily support area. The US Tech 100 futures also closed early and held the 11390 area. Will need to see how the market opens for US trade but expecting to see a flush higher after Europe was positive. Like the DOW, price is around a daily support area so I expect to see some bullish action soon. Hang Seng rallied off 20873 yesterday and then added to the gains in a thin overnight market. Price has a potential resistance zone at 21328 so I do expect to see a flush lower to squeeze out some buyers prior to any rally. The underlying index may have found a base and wanting to work higher off a double bottom but the trend remains down for now. The Nikkei was hit lower from the open of the day session only to flush support around 25613 before rally straight back up in overnight trade. The double bottom at 25613 may entice some buyers today on the open looking for a push up through 26170 so I expect a flush of the level before a grind lower. The DAX Index managed to grind higher off 13065 support and has now extended into 13295. I would expect to see another flush higher on the open of the European session before a move lower on some profit taking when the US opens. UK 100 Index also worked higher off support around 7000 and made its way into the 7140 area. Expecting to see a flush higher and then for sellers to then squeeze out some late buyers on a move back down below 7140.

Cryptos had a well contained session as traders remain on the sidelines in the very uncertain crypto space. Bitcoin is holding up off 18370 after dipping its toe below the $20K level. The bias remains down and I do expect that we may see a move higher to drag in some buyers before another leg down. Ethereum was much the same as price holds up off key support around 998. A move up through 1152 could see a push up to 1273 resistance.

Spot Gold essentially floundered and moved sideways holding up off 1835. Will be watching for the level to hold today, potentially being flushed, before a move up to test into 1852. Any rally will of course be dependant on the USD movement ie/ a selloff into the USD. Crude Oil was rangebound below the $109 level after Fridays selloff. I expect that we will see a move up to squeeze out some sellers although may see a flush lower into the $106 zone prior to any move up. USD Index edged lower yesterday more due to movement in currency crosses rather than buying or selling into the USD. If price holds above the 103.800 zone then I expect to see a break up through to new highs. If not, then an unwind of longs could be on the cards.

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SPI200 Index