SPI200 Commentary
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SPI had some big swings Tuesday as it gapped lower due to the 4 day weekend but managed to close it in a few hours. Sycom saw more volatility as it consolidated near the highs. The selling has been fierce on the SPI of late but the way it recovered off the lows is a classic bottom pattern. It takes a lot of buying pressure to recover after a big gap down so expect this move higher to continue for at least the next few days. XJO will probably recover and trade above 5800 and how it reacts around that level will probably give a clue on the longer term trend. So look for dips to buy and as usual use the banks as a lead. For todays trading I am looking to buy dips around 5720 and sell rallies around 5770
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