PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR THURSDAY 8/06/23
European and US Indexes came under pressure with the Nasdaq bearing the brunt of selling after a surprise rate hike from the Bank Of Canada again highlighted the issues with inflation. US Bond yields rallied, especially long dated bonds, and the USD moved up off lows as traders had to re-assess their inflationary outlook and appetite for risk assets.
Expecting a relatively flat open to Asian markets with the Nikkei, ASX200 and Hang Seng to open flat to slightly weaker after a range bound session overnight.
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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