SPI200 Commentary
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SPI had a decent run with a range of 106 points as the XJO rose above 4900. The SPI gapped higher on the open at 4828 popped to 4845 then had a sharp drop to 4774. Then just like Mondays price action the SPI rallied into the close at 4875. The overnight session saw the SPI consolidate the gains as it ranged between 4840 and 4880 and closed at 4881 this morning.
The grind higher continues on the SPI but as expected its not exactly been a buy and hold market as the pullbacks have been strong. So while I have been recommending to buy dips in this rally, you have to be selective on where to buy as the SPI will remain volatile and stop out lots of traders. The XJO is now above 4900 so I expect it to range around this level for the day. I do expect the XJO to test the 5000 level and that is where one could look to start looking at the SPI from the short side again. I am expecting another large range bound day today so I will be buying dips around the 4840 level and selling rallies around 4910
5m SPI Chart from Tuesday
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Last
8,570.4 |
Change
-9.700(0.11%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,580.1 | 8,593.6 | 8,558.3 |
| XJO (ASX) Chart |