Day three: our Australia 200 trade idea

Positioning ahead of the Fed meeting tonight should hold back the bulls today, with the market continuing to need certainty before placing buy orders.

Technically the index is in a sideways pattern and could trade in a fairly tight range today, although a focus should be paid to the CSI 300 market in China as the index is down six days in a row.

A look at the hourly chart shows no clear trend which I would like to align myself with, thus for now I will continue to revert to the sidelines until a more compelling technical picture is presented to me.

ASX 200 chart
IG Charts

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