XJO 0.99% 7,896.9 s&p/asx 200

SPI200 Commentary Follow or Fade! SPI rally continues and looks...

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    SPI200 Commentary

    Follow or Fade!

    SPI rally continues and looks to be gaining strength as it targets year highs. US market continued onto record highs also, so not much to be bearish about at the moment. Probably the most surprising part of this rally is that the banks have not participated, if they were part of the party then I dare say that the XJO would already be at 6000. I have noted some decent open interest on the 5750 and 5800 XJO calls that expire this week so we could see this rally stall around these levels over the next couple of days. Overnight the SPI broke through the 5720 level, so that should be an area of support. The next level where there is some resistance is 5760. So stay in buy dips mode till we reach new year highs. For todays trading I am looking to buy dips around 5720 and sell rallies around 5760

    20170214 SPI 1.PNG
 
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