PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR THURSDAY 11/05/23
Markets came under pressure in overnight trade although there remains some bulls happy to provide support to big tech and the Nasdaq. US inflationary CPI data came out relatively inline with expectations which, to me, highlight the continued ‘sticky inflation’ concerns. The US futures initially reacted higher to trap some buyers into the US open but then the indexes moved lower and give back the opening gains. I expect that the market will remain tentative as the USD holds major support, and Copper and Oil show concern for global demand.
Expecting a relatively flat open for the ASX200 and Hang Seng while the Nikkei is set to open slightly weaker off major resistance.
If inflation is truly remaining ‘sticky’, coming economic data will be the major focus and I expect this will translate to choppy markets or further pressure from sellers looking to lock in some gains.
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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