Tuesday July 9 - Peaks and Troughs, page-4

SPI200 Commentary

Follow or Fade!

SPI had a decent sell off Monday, which is the first in a few months. It then consolidated at the lows for the afternoon and did the same through the night. With the way SPI consolidated at the lows it is now ready to break in either direction this morning. So those who are more conservative can wait to let the market show its hand and follow the momentum. Since this is the first decent pullback in a while, I tend to lean towards more downside and it will probably be led by the banks as they have to raise more capital. So looking mainly for rallies to sell today

Range for day: 65800 to 6620
Direction : Consolidation
Setups : Sell rallies around 6620