SPI200 Commentary Follow or Fade Down day Thursday, range of 53....

SPI200 Commentary

Follow or Fade

Down day Thursday, range of 53. SPI opened at 5469 then got pumped up to 5498 for opening print games, which was day high, then settled back at 5485 for the morning. SPI then ranged around 5480 for most of the day then drifted down to 5459 by 1400. SPI bounced into the close at 5483. Europe saw SPI range around 5475. US saw SPI fall late down to 5445 then closed at 5451.

With index expiry over, the big ramp up to expiry is now over and we should see the SPI and XJO pull back a bit. We should see them fall down to support as a minimum but I think when it gets there it will probably present a good buying opportunity as I dont think this trend higher is finished. I do think that if the trend higher does continue it wont have the same velocity but should give enough volatility to give some good trades. Since it is day after expiry we shouldn't see too much volatility, so I'll be looking sell rallies around 5480 and buy dips around 5420