PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR MONDAY 8/05/23
Stronger than expected employment data in the US sent bulls into a frenzy and pushed share markets higher into the weekend as recession fears eased. On the flip side, a resilient economy will flow over into inflation and mean that inflation will stay higher for longer and put further upside pressure on interest rates. US Bond yields spiked as to did the USD while Gold nosedived off highs. Copper and Oil found some love from higher expected demand.
Expecting a strong open for Asian markets with the ASX200 to open up 70 points, the Hang Seng to open up 130 pts while the Nikkei may open relatively flat thanks to Fridays US market rally.
With stronger economic data comes stickier/resilient inflation so bulls may be getting ahead of themselves as the US Fed will have to think about another rate rise if economic data continues to show strength.
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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