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 on charts and SEE THE TRADE first —

The SPI200 was hit hard Friday which means that there will be some fearful ASX traders on the open. We see that a lot of the weakness from Friday was due to options expiry as Europe was already weak prior to Bullards comments. Triple witching (options expiry) traditionally sees weakness as buyers close out and market makers play with prices. There is some fear based selling from interest rate rise concerns and many may see this pullback as the start of a bigger correction (this is definitely the time). Problem is that a rate rise is still 2 years off and the Fed is not going to stop bond buying anytime soon and said that they will give ample ‘heads up’ before discussing tapering. So we expect that the current move is a big squeeze…mainly on the USD…along with some fear driven risk off. Expecting that the SPI200 is well extended down and will see a short squeeze today so watching for a higher low for longs. The DOW is also extended and may see some back and fill higher today. The Hang Seng also came under pressure in the US session in thin trade so we are watching the 28455 level for some action on a flush lower. The Nikkei was a steady grind lower so we are watching for a flush into 28370 and will watch to see how buyers react from there.

Crypto saw some risk off Friday which spilled over into the weekend trading. Bitcoin spiked into 33315 and was then bought up hard to retest the 36300 level. We expect that the spike up off the lows will drag in some more bargain hunters off 34800. Ethereum also spiked hard up off lows around 2040 so watching to see how sellers move around 2287 or what happens on a flush lower…potentially around 2140.

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SPI200 Index

DOW Index

Hang Seng Index

Japan N225 Index