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PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR WEDNESDAY 7/06/23
European and US Indexes were relatively quiet but did end with minor gains into the close. Traders were happy to remain on the sidelines as they await further economic news for a clearer direction on the global economy and interest rates. The RBA surprised the Aussie market with a rate rise admitting that inflation remains a clear concern. European and US traders may be taking this as a sign that their own Fed Reserves will follow suit and also raise which is a reason ‘new risk’ buyers are staying on the sidelines.
Expecting a strong open to the Asian session with the ASX200 set to open up 30 points, the Nikkei remains extended and is set to open up 200 points while the Hang Seng is set to open up 330 points into resistance.
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. I feel that Governments need to step up to help Fed Reserves cool inflation faster although this does not seem to be a priority so I am expecting more rate rises which translates to more stock market uncertainty.
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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