Charts Marked with anticipated entry setups in YELLOW and ideal setup in GREEN on market opens. 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.
PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
All prices refer to the CFD pricing from the charts below off TD365.com. Opening times (AEST) are 10am SPI/N225, 11:15/30am HSI, 4/5pm DAX and UK100 and 10:30/11:30pm DOW and USTech100.
ASIAN MARKET SNAPSHOT FOR MONDAY 8/08/22
Asian Markets were mixed with the ASX200 and Nikkei both finding early buyers to push the indexes higher while the Hang Seng was under pressure all session. The USD was bid up early in the session but then gave back the minor gains into the European open. Gold spent the session directionless as rice chopped around Fridays close. The risk on mood and Index support flowed over into Oil which was bid higher from the start of the Asian session. The bounce in the US after the employment data release kept sentiment positive today as traders look ahead now to US CPI release Wednesday. No Major releases.
Market Price Action was very contained in the US session and I would expect more of the same today!
The DOW has edged higher today as traders brush aside high inflation and a potentially slowing US economy. It seems that traders are back in ‘Buy The Dip’ mode again. Watching to see if bulls want to extend on the gains above 32830 or push back below the level to squeeze out some buyers. The US Tech 100 also edged higher late in Asian trade and is holding the gains. Price is in no mans land for me between 13275 resistance and 13200 support. The DAX Index has managed to move back above 13632 and is choppy into the European open. Like the other key indexes, I am watching to see if bulls are happy to continuing the push higher or look to squeeze lower back below 13632. UK 100 Index has made its way back up into resistance at 7470. This will be the key level for the open and I would expect price to at least flush above the level prior to either continuing up or moving lower.
Cryptos kicked higher with both Bitcoin and Ethereum extending on the weekends gains. Price flushed 23655 on BTC and is extended so for any long, I would like to see a flush lower first. ETH is much the same as it has extended above Fridays highs, so for any long position, I would like to see a pullback and higher low first. Also watching both for a squeeze lower if there is a risk off move into the share markets.
Crude Oil managed to move up off support around 88.50 today in the Asian session. With the US economy doing well then expecting to see the 88.50 level hold. Watching for continuation higher today. USD Index held around the previous close and held the highs made after the US employment release. Expecting to see more pressure to the upside into 106.815 which would weigh on Gold and other commodities.
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US Tech 100 Index
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