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PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR TUESDAY 7/03/23
Markets were mixed through Europe with the DAX edging higher and holding onto the previous sessions gains while the UK100 moved lower from the open. The US found some strength on the open but that did not last long before profit taking saw prices drift lower into the close. I expect the late US weakness is due to recent longs taking some risk off the table ahead of Fed Chair Powells speech and coming US employment data releases. The next few days will depend on what Powell has to say and how the USD and US bonds react.
I remain of the view that sticky inflation is the big issue and will weigh on share markets if the Fed, and other major central banks like the RBA, ECB and BOE, can not get it under control.
I expect that we will see a relatively contained Asian session today with the Nikkei, HSI and ASX200 all a little extended and with no lead from the overnight markets.
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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KEY LEVELS AND MARKET OVERVIEW INTO THE ASIAN SESSION OPEN
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