PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR TUESDAY 2/05/23
Major Indexes in Europe were closed while the US ended with minor losses after drifting lower from the open. Manufacturing data out in the US came in stronger than expected which triggered (again) inflation and rate rise talk and saw USD and Bond yields spike. Copper and Oil were higher after the number, on expectations for buoyant demand while Gold pressed back down into support.
Expecting a tame open for the Asian session with little lead from overnight markets. The Hang Seng was closed for trading yesterday so expect a choppy open.
With a resilient US economy, sticky inflation is the big issue and continues to be a balancing act for the Fed. Traders will now have to deal with rate rise talk which could trigger some profit taking in the near term.
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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