What if Cats and Dogs had Opposable Thumbs.....Friday, page-6

SPI200 Commentary

Follow or Fade!

SPI was bid during the day session as it followed the strong lead from overseas. Overnight saw a new high made but this was sold off into the close and SPI is roughly at the same point as this time yesterday. This is the first time in a while where we had the Dow down more than 100 points but this only equates to a 0.5% move. Some may be tempted to start calling a top but I want more evidence before I start going all in short, I would want at the very least a new lower low. Materials got hit hard and banks slid overseas so chances are that the XJO will be testing some support levels today. So I think we'll move around in a tight range today with overall direction mixed. I'll be looking to buy around 5710 and sell around 5750