PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR THURSDAY 27/04/23
Major Indexes in the US and Europe moved lower as concerns about the banking sector and contagion (seeing more regional banks come under fire) reared its ugly head again. First Republic Bank dumped 30% after reporting a 40% drop in deposits which pushed the broader market lower while Tech found support after some good earnings beats brought in the bargain hunters. The USD found some buyers through the US session to reverse earlier losses which put pressure on Oil, Gold and Copper.
I remain of the view that sticky inflation is the big issue but it remains a balancing act for the Fed. Traders will now have to deal with recession talk and further banking concerns which will hamper bulls and stoke selloff fears.
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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