PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR THURSDAY 9/03/23
Major indexes were generally range bound to mildly higher. Inflation and rate rise expectations kept the major indexes under pressure with the focus now on the major US employment data release. Early employment data out points to a potentially stronger than expected Payroll release Friday which could see another risk off move from share market investors as they re-adjust for higher US terminal interest rates.
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 mixed Asian session today with potentially more bargain hunting early but I do not expect a big move either way. ASX to open up along with the Nikkei while the HSI may test lower into support.
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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