PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR FRIDAY 12/05/23
Markets came under pressure again on concern of an economic slowdown. Europe was hit lower with the DAX and FTSE100 looking weak. US data out weighed on the US open to pressure key indexes lower although tech and the Nasdaq remain relatively strong. US data out was mixed with unemployment claims higher and PPI showing strength. The uncertainty sent USD higher and commodities lower with Copper taking a hit.
Expecting a mixed open for Asia with the ASX200 to open slightly weaker while the Nikkei and Hang Seng set to open up.
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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