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SPI200 Commentary

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SPI was weak Monday as the banks led the market lower. SPI gapped lower on the open and fell to 5745 which is where it found support. SPI then ranged around the lower end of the range for the rest of the day. Over night saw these ranges hold and SPI closed around 5760. With the overseas markets not moving much overnight it looks like the XJO is stuck between the 5700 and 5800 levels till we get the next catalyst. It looks like the banks still want to pull the market lower so my thoughts are that if we get a rally towards 5800 over the next couple of days that should give a decent short entry for a move lower. But for the day I see a bit more weakness but still trading within ranges. For todays trading I am looking to buy dips around 5720 and sell rallies around 5770