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PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR THURSDAY 30/03/23
European markets rallied from the open which led to a strong open to the USD and a very bullish session. All indexes were up as stock traders went bargain hunting as they brush aside banking woes. For me inflation still needs to cool a lot further before bulls can take control and US consumers are not in a good way which may eventually weigh on markets again. Bond yields are also hinting at inflation concerns as they go higher while the USD is showing signs of basing for a leg up. The US was generally supported by a handful of big Tech stocks and banking shares.
Asian markets are expected to open higher with the ASX set to open up 45pts. It will be interesting to see if the HSI has another squeeze lower or fires up the rockets again for a big move up.
I remain of the view that sticky inflation is the big issue but it remains a balancing act for the Fed as they potentially come to the end of a rate rise cycle. The Fed will need to see hard evidence that inflation is coming under control first.
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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