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Friday May 24 - Reality check day, page-26

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5speed

10,740 Posts.

2086

25/05/19

08:27

Post #: 38739886
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Originally posted by pinozi ↑

SPI200 Commentary

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SPI had a reversal Thursday as it failed to continue to breakout and overseas markets pulled it lower overnight. XJO has been the strongest market this week mainly due to the election and APRA but will it be able to continue higher on its own? Chances of this are low so it looks like 6500 will be the top in this rally. So looking at the downside targets from here, SPI should head towards the weeks lows today as the first target then if the sell off continues overseas look for a move under 6400 to the pre election levels. As usual it wont be a smooth ride down as lots of traders are positioned short, so look for failed rallies to reduce risk

Range for day: 6430 to 6470
Direction : Downtrend, Choppy
Setups : Sell rallies around 6470

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Howdy: Quick question - when you say "lots of traders are positioned short", are you referring to an Australian equivalent to the COT (Commitment of Traders) report generated by the US CFTC for US Futures positions? I've never seen one hence the question. cheers

Last edited by 5speed: 25/05/19

XJO Value at posting: 6,456.0
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