PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR MONDAY 6/03/23
Markets pressed higher from the open with a rally in European trade (namely the DAX) flowing over into the US session. Bulls took charge from the open and pressed prices higher as positive China data supported the DAX. Traders continue to focus on the global economy versus sticky/high inflation and at this stage data is pointing to a resilient US economy absorbing those higher prices due to inflation. There is no fear driven selloff which shows that bargain hunters still believe in a longer term move up thanks to resilient economies so I continue to expect major swings in momentum up and down.
I do expect that sooner or later higher prices and interest rates will weigh on economic data which will cap rallies on major Indexes globally.
Some KEY ACTIONABLE LEVELS into the Asian market session. Review of the European and US sessions and what that will mean to the price action in the near term along with key levels to watch.
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