PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR THURSDAY 6/04/23
Major Indexes were either range bound or weakened in Europe and the US. The DAX drifted lower from the open and the FTSE gave up most of the earlier gains into the close while the DOW ended slightly higher and the Nasdaq added to the previous sessions losses to end lower. Traders will be risk adverse coming into Easter and add to that the US employment data which could easily trigger increased volatility in a relatively thin market. I expect the Asian session to be range bound or a grind lower today.
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 ( and clear potential for higher levels), 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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