Key Levels and US Market Review for the Asian session open 30/03

29 мар. 2023 г.

European markets rallied from the open which led to a strong open to the USD and a very bullish session. All indexes were up as stock traders went bargain hunting as they brush aside banking woes. For me inflation still needs to cool a lot further before bulls can take control and US consumers are not in a good way which may eventually weigh on markets again. Bond yields are also hinting at inflation concerns as they go higher while the USD is showing signs of basing for a leg up. The US was generally supported by a handful of big Tech stocks and banking shares.

Asian markets are expected to open higher with the ASX set to open up 45pts. It will be interesting to see if the HSI has another squeeze lower or fires up the rockets again for a big move up.

I remain of the view that sticky inflation is the big issue but it remains a balancing act for the Fed as they potentially come to the end of a rate rise cycle. The Fed will need to see hard evidence that inflation is coming under control first.

A review of the price action from the European session and the US session where I look at some key levels to watch and the price action setups I expect to see play out on the major markets below.

Markets covered :-
DOW
Nasdaq
DAX
FTSE
ASX200
Hang Seng
USD Index
Gold
Oil
Copper