SPI200 Commentary
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SPI traded in a small range Tuesday as end of month had no impact. The way SPI was looking to break out over the top end of the range overnight suggested that XJO could trade above 6300 today. Alas the US has just increased the tariffs after their market close and SNP is down about 12 points in the after market. SPI should react negatively to this news but just like all dips in this market it will be bought. So best to have some support levels mapped out and be ready to buy the dip. How far the rally will go depends on the banks as they have been range bound and they will need to participate to see XJO break out. So overall it seems the range will continue again today. For todays trading I am looking to buy dips around 6200 and sell rallies around 6240
ASX Morning call 1st August, page-4
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Last
7,971.1 |
Change
105.600(1.34%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 7,865.5 | 7,976.9 | 7,865.5 |
| XJO (ASX) Chart |