SPI200 Commentary
Follow or Fade!
SPI reversed most gains from the previous day as the volatility continues but overall direction still uncertain. XJO managed to stay above 5800 yesterday but looks like it will be testing that level again today with US market all weaker with war in the middle east the headline topic. As mentioned previously this is an intraday traders market, so look for setups and trades on the smaller timeframes. For those that don't fare well in these conditions, sitting sidelines will be the preferred position. There are still open gaps from Monday and yesterdays open so they will probably be the extreme points of the current ranges. There is doubt either will close today as chances are the XJO will range around the 5800 level. BHP and RIO have been strong the last few days, so watch out if that reverses for if they do then that Monday morning gap is the target lower. For todays trading I am looking to buy dips around 5770 and sell rallies around 5815
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