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PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR THURSDAY 4/05/23
US indexes came under fire after the Federal Reserve raised interest rates 0.25%. Expect that Europe will play catchup and see weakness on the open. The Fed have now moved to a data dependant stance and could possibly pause in June if economic data comes in weaker…this is not so good for bulls as it would point to a weakening US economy.
Gold punched up into new all time highs after the US close while Oil and US bond yields dumped.
Expecting a weaker open for Asian markets with the ASX200 to open down 25/30 points, Nikkei will have to wait to play catchup as the underlying index is closed, and the Hang Seng to open up 25/30 points.
With the FOMC statement changed slightly, traders will be focused on economic data and a slowing US economy…so expect to hear the word ‘recession’ a lot more.
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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