PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR MONDAY 26/06/23
US and European markets continued to be risk off into the weekend which sets up for further negative price action into the start of the Asian session today. The DOW is moving lower off a major resistance zone while the Nasdaq remains more buoyant for now in anticipation that the Fed will soon pause interest rate rises. The USD is holding below a major resistance area which may bring in more sellers today and provide support to commodities although expectations for an easing in global demand weighs on Copper and Oil.
Expecting a weak open to the Asian session with the ASX200 to open down 5/10 points, the Nikkei to open down 190 points and then the Hang Seng to open down 130.
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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