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PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR MONDAY 3/04/23
Major Indexes ended the month and Quarter on a positive note and held the recent trend up although the price action is extended and hints at some profit taking to come. We are now into a new quarter so could see some longs unwind into the new week; add to that the spike in Oil (cough, cough…manipulation from OPEC); and markets will see some increased volatility. With US Key employment data at the end of the shortened week, I feel new bulls will remain on the sidelines into Easter.
Asian markets are expected to open stronger but may find some weakness as they digest the macro economic costs of higher Oil prices.
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. With the OPEC Production cuts and resultant spike in Oil, bulls will have something to think about regarding inflation.
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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