PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR FRIDAY 28/07/23
US markets moved lower on prospects of higher interest rates. Bond yields in the US spiked as to did the USD which pressured dollar denominated assets; such as Gold, Silver and Copper; lower. The major US indexes moved lower on news that Japan is going to let longer term bond yields move higher which in turn pressured US bonds lower and detracted from the attractiveness of stocks. I expect that there was a lot of profit taken which may continue into the coming US session. I expect Europe will open weaker, especially the DAX, as it plays catchup with the US led selloff.
Expecting a weak open in Asia with the ASX200 to open up 40 pts, the Nikkei to open down 380 pts and Hang Seng to open down 320 pts.
Traders will be keeping an eye on coming economic data and the BOJ press conference today for some direction on Bond yields and in turn share markets.
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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