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PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR FRIDAY 26/05/23
A handful of AI related Tech stocks supported the broader market in the US while the DOW continued to edge lower into a longer term support zone. US Debt ceiling talks took a step in the right direction albeit a very small one…I do not expect a deal until the last minute as US Politicians enjoy the limelight. The USD continued higher putting pressure on dollar denominated currencies and commodities while US Bond yields continued to re-adjust higher and factor in sticky inflation.
Expecting mixed open in Asian markets with the ASX200 expected to start flat while the Hang Seng expected to open down 180 points and the Nikkei to open up 180 points.
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 potentially later rather than sooner which will put more pressure on the economy.
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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