SPI200 Commentary
Follow or Fade!
SPI sold off Friday and support finally broke. SPI opened at the top end of the recent range and quickly made it down to the 5730 level, it sliced through there pretty easily and headed lower into the close. Europe was weak so SPI headed lower, despite a strong finish for the US, SPI didn't bounce in unison though. We should see a bit of a bounce on the SPI this morning as this divergence between the SPI and ES should converge. I am a little bit cautious about that move in the US as the rally was mainly in the defensive's and that isn't a formula for a bull market. The other area to keep an eye on is Bond yields as they had a big drop on Friday, which could mean a flight to quality is on or a bit of risk off sentiment. Trump is presenting this week about the tax cuts, so that could send the market in either direction and will add some volatility. So I think SPI consolidates around these new recent lows so I'll be playing the ranges today. I will be looking to buy dips around 5690 and sell rallies around 5740
SPI200 Commentary Follow or Fade! SPI sold off Friday and...
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Last
8,057.9 |
Change
58.600(0.73%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 7,999.3 | 8,083.7 | 7,999.3 |
| XJO (ASX) Chart |