Friday May 24 - Reality check day, page-3

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