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PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR FRIDAY 5/05/23
US indexes again came under pressure after European Indexes went lower for the session. Concerns over US regional banks and contagion into the banking sector weighed heavily on the US open. The ECB raised rates by 25 basis points as expected to follow in the footsteps of the US Fed Reserve and the RBA. Traders may be more contained today ahead of the key US employment data just prior to the US open.
Expecting a weaker open for Asian markets with the ASX200 to open down 25/30 points, the Hang Seng to open relatively flat while the Nikkei will still have to wait to play catchup as the underlying index is closed until Monday.
With Global banks still raising interest rates and economies potentially slowing down, I expect bulls will have life more difficult in the near term. Focus will be on economic data to see how the US economy is fairing.
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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