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 was hit lower from the days session close and held below the 7014 level. We expect to see a flush of the 7014 level if sellers want to move price lower into 6977. If price moves lower on the open and holds above the 7000 area then we expect that it may be a trap for a rally higher. The DOW was hit into 34170 to play catchup with the Nasdaq from the previous session. The DOW has been extended so its natural to see some heat come out of the action as the uptrend remains well in tact on a daily basis. The question is whether there is more fear based selling to come or whether bargain hunters will support a move up off 34170. The way the Nasdaq rebounded off a weak open suggests that buyers are willing to soak up some selling pressure on expectations that rates will not rise and the Fed will not be bullied by traders. The Hang Seng held up well under the overnight market pressure. Price held above the 27890 area which means the underlying index will open in the green. We expect a squeeze on yesterdays sellers for a move up but will be on guard for further weakness early. The Nikkei (N225) rejected the 28315 level and consolidated around 28575 into the US close. We expect that bulls will try to squeeze out some short sellers for a move up but it may be tough going with the current negative sentiment. Bulls may need to defend an initial flush lower before holding a higher low.

Cryptos edged their way higher with Bitcoin finding some resistance at 56900. This is the key level for us today to either hold after a flush to target stops, or a higher low off the MAs. Ethereum keeps chugging higher and is currently making a charge for new all time highs. The level we are interested in today is 4180 for either a rejection and move down or retest and move up.

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SPI200 Index

DOW Index

Hang Seng Index

Japan N225 Index

Bitcoin

Ethereum