PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR THURSDAY 29/06/23
US markets mixed with Tech providing bulls with some minor gains, while Europe ended higher as they played catchup with the previous US session. Powell spoke and hinted at back to back rate rises as he sees more restriction ahead although this did not deter Tech as Bond yields edged lower. Gold and Copper continued to come under pressure as the USD pressed higher while Oil bounced off longer term support.
Expecting a mixed open to the Asian session with the ASX200 to open flat, the Nikkei to open slightly higher and the Hang Seng to open slightly lower.
Traders are focused on the end of the interest rate rising cycle in the US which also means a slowing economy. The ponzi scheme that is the US debt ceiling may start to be of more concern if GDP contracts and the global economy slows.
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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