Key Levels and US Market Review for the Asian session open 3/04

Major Indexes ended the month and Quarter on a positive note and held the recent trend up although the price action is extended and hints at some profit taking to come. We are now into a new quarter so could see some longs unwind into the new week; add to that the spike in Oil (cough, cough...manipulation from OPEC); and markets will see some increased volatility. With US Key employment data at the end of the shortened week, I feel new bulls will remain on the sidelines into Easter.

Asian markets are expected to open stronger but may find some weakness as they digest the macro economic costs of higher Oil prices.

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. With the OPEC Production cuts and resultant spike in Oil, bulls will have something to think about regarding inflation.

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