PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR WEDNESDAY 17/05/23
Major indexes in the US and Europe come under fire on concerns for a global economic slowdown and the US debt ceiling fiasco. Traders went risk off as retail sales pointed to a slowdown in consumer spending while uncertainty over interest rates also weighed on sentiment. I expect that the same theme will weigh on the share markets today and into the coming European and US sessions.
Expecting a weaker open on Asian markets with the ASX200 expected to open down 37 points while Hang Seng set to open down 30 points and the Nikkei to open slightly higher.
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.
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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