Time Frame : 5/30 Min Charts
The SPI200 has backed off from the highs of the day session and we expect the ASX to come under pressure on the open. The question is whether the bullish sentiment from yesterday was a ‘trap’ or whether support will again hold the lows. The Hang Seng is on the cusp of a big selloff of around a 1000 points…expect a flush lower to trigger some sellers and then a squeeze higher. Either way the sentiment from the open of the index is key. The N225 seemed to fair the selling pressure better and hold the 23229 level into the close. Still watching for weakness as I expect that sentiment is taking a hit after the US selloff….again. The DOW is down on support around 26723. If this can not hold then price may free fall. Expecting a flush though and then a squeeze higher to setup for further selling tonight.
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