SPI200 Commentary
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SPI keeps heading grinding higher. As I said over the last couple of weeks bulls want it to dip and bears think its going to top, so it could just keep grinding higher and hurt everyone who isn't already long. We had the BOJ disappoint on Friday with no helicopter money and US GDP was weak so there is definitely enough reason for the SPI to fall but just because its what traders want, doesn't mean the market does what is rational. We have the RBA tomorrow and the market is mixed on whether they cut rates or stay. I think this will be the event that could turn this market around but till that time I think the SPI will do more of the same today, just trade in a small range with an upward bias. For todays trading I will be looking to sell rallies around 5550 and buy dips around 5510
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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 |