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PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR MONDAY 29/05/23
European and US Indexes bounced into the weekend setting up for a strong open for the Asian session. Some debt ceiling optimism and stronger than expected economic data helped bulls squeeze out recent sellers for the drive higher. The data showed strength in inflation and the US consumer which points to a resilient economy…but it also points to sticky inflation and more interest rates rises to come.
Expecting a very strong open to the Asian session with the ASX200 set to open up 70 points, the Nikkei is very extended and is set to open up 650 points while the Hang Seng has some catch up to do and open up stronger off support.
I expect that there remains 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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