Trading Plan for the days action

SPI200 HANG SENG N225 DOW Index CFDs and Cryptos

Time Frame : 5/15/30 Min Charts

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Pre-Market Plan and KEY LEVELS and PRICE ACTION to watch

— Remember to work off Key Levels from charts —

The SPI200 flushed the 6933 area and held below the level into the US close. We expect that the action will entice some retail sellers into the open which sets up the potential for a short squeeze back above the 6933 and 6947 zones. We may see some bargain hunting into the ASX on the open but will have to wait and see the sentiment. For us, the fundamentals for a rally have not changed and we are seeing some profit taking in the US pressure global indexes. The DOW broke down below 33980 and pushed into 33740 where price bounced. We may see a higher low off this level leading to a short squeeze in the Asian session. The Hang Seng gave up all of the sessions gains once Europe opened and price pushed into 28700 area. If this level breaks then expect a push down to 28520 and below. If buyers can hold up off this level then watching for a higher low and run up to 28965. The Nikkei (N225) collapsed (once I closed my short position) and push down below 28665. There is a bit of support that may halt further selling so we may expect some choppy action today.

Crypto bulls were relieved to see some support come back into the action but prices are now up near resistance levels that will need to be respected. Ethereum may see some selling pressure come into the action off 2344 or 2380 as price is extended in the near term. If we see a spike above the 2380 area and the price holds, then watch for a long entry…problem is there is not enough shorts built up for a decent squeeze…we will be relying on bulls coming back in to play. Bitcoin is hovering below resistance but holding the short term trend up. Like Ethereum, we expect that momentum up is running out of steam and expect some pressure on buyers.

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SPI200 Index

DOW Index

Hang Seng Index

Japan N225 Index