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PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR WEDNESDAY 24/05/23
Major indexes go into risk off mode as traders get nervous over the US debt ceiling deadlock. Economic news also weighed on share markets as numbers came out in line or, in some cases, stronger than expected which translates into ‘sticky inflation’ and further potential interest rates rises. US bond yields edged lower after pressuring higher for the past few weeks but remain in a uptrend.
Expecting weaker open in Asian markets with the ASX200 expected to start down 37 points while the Hang Seng expected to open down 130 and the Nikkei to open down 170.
I expect that there is major concerns over the US economic slowdown brewing, and how the US is going to fund its debt with GDP easing. Longer term trends are for interest rates to level out. But if the economy cools while inflation remains elevated, then it is difficult to cut rates to stimulate growth…we will see how things play out soon I suspect.
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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