Key Levels and US Market Review for the Asian session open 7/03

A review of the price action from the European session and the US session. DAX managed to hold onto recent gains while the FTSE edged lower. The US managed to open stronger and push higher but it was not long until we saw some profit taking and prices edged lower into the close. Traders continue to focus on the global economy versus sticky/high inflation and at this stage data is pointing to a resilient US economy absorbing those higher prices due to inflation. There is no fear driven selloff which shows that bargain hunters still believe in a longer term move up thanks to resilient economies so I continue to expect major swings in momentum up and down.

I remain of the view that sticky inflation is the big issue and will weigh on share markets if the Fed, and other major central banks, can not get it under control.

I look at some key levels to watch and the price action setups I expect to see play out.

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