SPI200 Commentary
Follow or Fade!
SPI had the big gap higher but this was the highs of the day as retraced and went back to fill the gap. Overnight despite the weaker SNP, SPI managed to stay closer to the highs of the day. Its RBA day today and the market is pricing in another 25 bps cut. So looking for the SPI to test the contract highs around 6630 today as equities will like the easy money. If the rate cut does not propel the SPI to break out today then looks like the large range bound conditions will remain for longer
Range for day: 6590 to 6640
Direction : Range bound
Setups : Buy dips around 6590
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 (20min delay)
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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 |