PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR MONDAY 22/05/23
Major indexes in the US were weaker as Debt ceiling concern weighs on bulls. European markets ended the week in the green while Asian markets were mixed. Traders will be closely watching news for some sort of agreement on the US debt ceiling once Congress finishes playing politics. For now, I expect a tentative Asian market open and for major risk to remain on the sidelines.
Expecting tentative open on Asian markets with the ASX200 and Hang Seng expected to open flat while the Nikkei to open slightly lower.
Debt ceiling talks and coming economic data will remain the major focus as traders look to anticipate the end to interest rate rises. I expect that the debt ceiling will be raised once again as if they do not, volatility will spike hard and investors will drive Indexes lower.
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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