PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR FRIDAY 10/03/23
Major indexes in the US took a big hit lower as traders were again risk off ahead of the key US employment data release. Higher for longer inflation and higher terminal interest rates are the main…or only….focus for traders as many are now factoring in a 50 basis point rate rise in the March meeting for the US. Obvious share market negativity is going to flow over into local share markets in Asian with the ASX200 expected to open down over 70 pts.
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 very negative Asian session open today with potentially more selling pressure throughout the session.
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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