SPI200 Commentary
Follow or Fade!
SPI followed recent trading Friday in that it was strong during the day session but sold off during Sycom. Looks like its another case of the SPI marching to its own drum as it seems to want to rally while Europe and US are selling off. So who is right? I guess only time will tell but I see it as an opportunity to sell at better prices. The rally is being led by the banks as some analysts are finding value here, so as usual keep an eye on their price action for a lead on the SPI. The XJO is finding resistance around the 5725 level and there is a bit more at 5750, so should we get another day rally to those levels then that should be an area to get short where you can easily see if the trade isn't working. Looking for a fairly range bound session today as its Monday Asia so play ranges. For todays trading I am looking to buy dips around 5650 and sell rallies around 5700
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Last
8,580.1 |
Change
-9.100(0.11%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,589.2 | 8,619.8 | 8,568.2 |
| XJO (ASX) Chart |