China raise interest rate and commodity got smack, big SPI seller rushing to close on market last night so if banks don't support our market today then we're in for a decent profit taking.
US market has a few major stocks downgraded last night and banks are weak as well. I am watching SP support at 1128 and resistance around 1136. A test of 1128 tonight is expected and she must hold or we're going lower.
Looking for big boys to switch out of resource and into banks which might happen in the morning session but I am looking for SPI to recover a bit before shorting again as my bet is this might not be a one day drop.
Short term focus of trading in & out is still my game plan as no definite down move is confirmed yet.
Good luck.
China raise interest rate and commodity got smack, big SPI...
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