PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR WEDNESDAY 26/07/23
US and European markets continue the grind higher as focus remains on coming earnings from big Tech in the US. Overall, major indexes are extended so I feel that it will not take much to prompt investors to unwind and take some profits. In saying that, the trend remains up in the near term so there is no reason to close positions at the moment. The USD has been pushing higher while Gold is under pressure and Copper rallies. The previous few sessions US bond yields have been moving up ahead of FOMC statement due out tomorrow night where rates are expecting to be lifted.
Expecting a mixed open in Asia with the ASX200 to open up 20 pts, the Nikkei to open flat and Hang Seng to open down 100 pts.
Traders will be keeping an eye on inflationary data (AUS CPI out today) and US Rate Statement from the Feds, for signs that inflation is still easing. Whether that translates into lessening pressure on the wallet and the cost of living, I expect will take some time to play out.
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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