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c791517

797 Posts.

18/05/16

13:56

Post #: 17801837
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Originally posted by pinozi ↑

SPI200 Commentary

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Sideways trading on Tuesday, weaker at night, range of 57. SPI opened at 5394 and traded down to 5379 by 1045 which was the low for the day session. SPI then rallied up to 5405 before the RBA minutes then fell back to 5383 upon release. SPI then ranged into the close around the 5400 level and finished at 5396. Europe saw SPI make a new high print at 5409 then fell down to 5385. US saw the SPI head down to 5352 then closed at 5369.

Despite the fairly weak session in the US markets the SPI seems to have come off relatively unharmed. As I have stated previously it looks like the SPI is being held up by XJO options expiry tomorrow and just like last month I am expecting a high print tomorrow then the SPI to sell off once expiry is done. So I think the SPI will stay relatively bid today and range around the 5380 area but get ready to short the market tomorrow. For todays trading I will be looking to buy dips around 5350 and sell rallies around 5400

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Will be very interesting tomorrow OPIC, agree the past few months have been 50-70 up on open, then falls away.
Tomorr may buck the trend and fall 50-70 on open and continue to fall.
So anywhere +/- 50 points as usual depends which way hurts the most punters
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