Wassup's Thursday, page-5

SPI200 Commentary

Follow or Fade!

SPI continued to fall as it was weak again during the day session but tried to form a bottom of some sorts and bounced during the night session. This recent weakness has been led by the big 4 lower as they all have gapped lower and remained weak, so if this recent pullback were to find a bottom then they would have to reverse. The overseas financials were mixed so unfortunately no lead from there. Its index expiry this morning so it will be interesting to see if the market makers want a low print today and see what happens once this print is out of the way. Overall while short term it seems the SPI is in sell rallies mode, I do think that this will eventually be a dip to buy, so I'm looking for some stop run at the lows for an entry today and see what eventuates. For todays trading I am looking to buy dips around 5600 and sell rallies around 5670