PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR WEDNESDAY 12/07/23
US markets had another rally ahead of the all important CPI data release prior to the US open. It seems that markets have dragged in bulls recently which sets up for an interesting market if the CPI figure comes out stronger than expected…meaning sticky inflation and further rate rises. US Bond yields held steady while the USD swung between gains and losses in a holding pattern prior to the data release.
Expecting a stronger open in Asia with the ASX200 to open up 30 pts, the Nikkei to open up 80 pts and Hang Seng to open up 90 pts also.
Traders are focused on the US CPI data release and what that means to inflation and rate rises. Hopes will be that we are at the end of the rate rise cycle which to me means a slowing global economy. Also on the cards will be coming US earnings.
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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