The ASX 200 futures contract (SPI 200) snapped a 3-day losing streak overnight, and with Wall Street trying to shed last week's losses and the Nikkei and Hang Seng finding support, we suspect a bounce could be due for the ASX today.
The daily chart found support at the 20-day EMA and monthly R1 pivot and closed back above the May high. It is now within 1-2 day's trade form the 8k level.
The 1-hour chart shows a liquidity gap between 7950 - 8000, and with bullish momentum behind it we could find that area acts as a magnet to fill the gap towards 8000. Bulls could seek dips back towards the May high for longs up to 8000, although without a fresh catalyst it seems like a tempting area for bulls to book profits.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.