PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR THURSDAY 15/06/23
European markets ended higher while US was mixed. Tech stocks again provided support while the DOW came under pressure from sellers into the close. The Fed signalled two more interest rate rises by year end which takes the terminal rate from 5.1% to 5.6%. US bond yields spiked along with the USD although the FOMC statement now gives bulls a framework for the end to the interest rate rising cycle. I expect concerns will now be focused on a Global economic slowdown and a recession.
Expecting a stronger open to Asian markets with the Nikkei set to open up 85 points, the ASX200 to open up 25 points and Hang Seng to open up 275 points.
Traders finally see an end to the US interest rate rising cycle which may support markets in the near term. I expect now the focus will shift to recession talk and an economic slowdown which will pressure markets longer term as the US continue to run at very high debt levels.
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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