PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR THURSDAY 16/03/23
European markets were hammered lower on the back of concerns for Credit Suisse and the broader banking sector. The DAX and UK100 were hit hard while the key US indexes held up well considering the fear in Europe. I expect that there may be some catchup from the US if things get worse and more comes to light as analysts take a deeper look at other banks. USD and US bonds found a safe haven bid to move higher as did Gold. Copper and Oil were also hit hard on fear driven selling.
Asian markets will open weaker with the ASX200 expected down over 100pts, HSI down 350pts and Nikkei down 530pts.
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.
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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