PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR FRIDAY 16/06/23
European markets were mixed while the US powered higher as tech continued to charge up. US Indexes have hit some key resistance levels which could see some profit taking soon and an unwind of risk as it seems that traders have largely brushed aside two more rate rises. Bond yields fell which triggered a selloff into the USD as the dollar also pushed into major support. Bulls were happy with US retail sales beating estimates showing that the Consumer remains in good shape for now. The ECB raised interest rates as expected as they also highlight sticky inflation.
Expecting a stronger open to Asian markets with the Nikkei set to open flat while the ASX200 to open up 25/30 points and Hang Seng to open up 120 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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