PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR THURSDAY 23/03/23
US Share markets indexes move lower after the US Fed raised interest rates by 0.25% as expected. There are a number of concerns that the market sees and is reacting to as risk assets take a hit. The US Fed showed concern for the banking crisis and expect credit conditions to tighten which does not bode well for growth in an interest rate raising environment. I expect that we will see more risk off trading in the coming days and will see Europe play catchup with a move lower on open in the coming session. UK CPI showed inflation is moving up which I expect will cap any rally into the FTSE100 (UK100 Index).
Asian markets will open weaker with the ASX200 expected down 55 points, HSI to open a lot lower (session ended prior to the selloff after FOMC) and the Nikkei down 200 points on open.
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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