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PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR TUESDAY 16/05/23
European and US markets edge higher to end with minor gains after a solid Asian session to start the week. US bulls are remaining on the sidelines for now as the Government once again argue over raising the debt ceiling. Economic data came out weaker than expected in the US again pointing to a slowing economy which I feel will be longer term negative for the share market but good for the end to the rate rising cycle. All in all, the market is not very enthusiastic as US earnings come to an end.
Expecting a strong open for the Asian session with the ASX to open flat, Hang Seng to open up 250 points and the Nikkei to open up 200 points.
Coming economic data will remain the major focus as traders look to anticipate the end to interest rate rises. I feel that any end will only mean major economies are slowing which I do not expect will be good for the share market…for now, expect more chop.
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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