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Spi200

ASX dragged lower by the DowThe Dow Jones futures market fell for an 8th consecutive day on Monday, a bearish sequence not seen in over 12 years. And that's not good news for ASX 200 bulls, as the index tends to track the Dow very closely. The daily chart looks like it wants to head to 8200, and it just 1 - 2 bearish trading days away from it looking at a typical day's range. The 1-hour trend has favoured bearish swing traders, who could seek to fade into moves towards the 20-50 hour EMAs.
ASX24:AP1!Short
by CityIndex
ASX futures snap 9-day streak, further downside loomsYesterday I outlined why I was suspicious of the ASX 200 rally, and today I see it has now retraced. The ASX 200 futures market snapped an 11-day streak after forming a bearish pinbar perfectly at a 78.6% Fibonacci level, below the 8,000 handle. Volumes have been declining during the entire ‘rally’ which shows a lack of bullish enthusiasm, and potentially points to a deeper pullback. A bearish trend has developed on the 1-hour chart, and the support zone ~7917/25 has now been respected as resistance. The bias is to fade into rallies towards that resistance zone in anticipation of a move down to 7860.
ASX24:AP1!Short
by CityIndex
ASX 200 mimics Wall Street's 'risk-on' rally into Jackson HoleOverbought indicators are of little use when markets are obsessed with rate cuts ahead of a key fed speech. Jerome Powell will speak at the Jackson hole symposium and Friday, and expectations for a dovish show are high. And that's helped Wall Street indices extend gains and the allowed the ASX 200 to tag along for the ride. But if this turns out to be a classic 'buy the rumour, sell the fact' tale, traders may need to factor in some of the overbought clues on the daily chart.
ASX24:AP1!Short
by CityIndex
ASX 200 futures test their luck below resistanceI see a common connection when looking across Wall Street futures, ASX 200 and the Nikkei. They're all retracing higher after a large drop and grinding their way towards resistance levels. And that could appeal to bearish swing traders. ASX 200 futures (SPI) are within their 8th day higher. And as they have only recouped around 2/3rds of the drop rom the fall the record high (and over a longer timeframe than the drop) I suspect a swing high is due. Note Tuesday's doji, and subsequent price action has traded in the upper wick of that doj. A resistance cluster hovers around 7873 - 7900, and we favour fading into any moves towards it with a stop above 7700. Bears could target just above 7700 for a downside target.
ASX24:AP1!Short
by CityIndex
1
ASX 200 hints at Turnaround TuesdayStock markets took quite the beating on Monday on fears of a US recession, and speculation that the Fed may be forced to cut rates as soon as next week. A stronger-than-expected ISM services report slowed the bleeding before Wall Street indices recouped some of their pre-session losses. Nikkei futures have since risen 10% from Monday's low, which could bode well for the ASX 200. SPI 200 futures saw a false break of the April low and held above the Feb low. A bullish divergence has formed on the 1-hour chart and prices are trying to hold above the weekly S3 pivot. Dips towards 7500 could appeal to countertrend trend for a move up towards 7700.
ASX24:AP1!Long
by CityIndex
1
ASX 200 futures hints at another leg higherThe sharp fall from its record high remains the dominant feature on the daily ASX 200 futures chart. Whilst this is likely to suppress appetite for risk for some time, Tuesday's bullish hammer suggests bears are in need of a break. The false break of the April low has been followed by a higher low and higher high on the 1-hour chart. Prices are now trying to form another higher low, so dips look appealing for bullish setups down to 7555. 7700 is the next upside target near the 38.2% Fibonacci ratio, although there is also a resistance cluster between 7767 to 7794 which also seems reachable. Whether it can extend such a move really depends on appetite for risk elsewhere.
ASX24:AP1!Long
by CityIndex
1
ASX 200 bulls eye 8000The ASX 200 futures contract (SPI 200) snapped a 3-day losing streak overnight, and with Wall Street trying to shed last week's losses and the Nikkei and Hang Seng finding support, we suspect a bounce could be due for the ASX today. The daily chart found support at the 20-day EMA and monthly R1 pivot and closed back above the May high. It is now within 1-2 day's trade form the 8k level. The 1-hour chart shows a liquidity gap between 7950 - 8000, and with bullish momentum behind it we could find that area acts as a magnet to fill the gap towards 8000. Bulls could seek dips back towards the May high for longs up to 8000, although without a fresh catalyst it seems like a tempting area for bulls to book profits.
ASX24:AP1!Long
by CityIndex
2
ASX 200 futures looks set for a bullish breakoutThe SPI 200 shows an established uptrend on the 1-hour chart, with a recent bullish engulfing candle forming a higher low around the 20-bar EMA and closing above a retracement line. The RSI remains above 50 to show positive momentum, and there are no obvious signs of a topping pattern forming on the chart. A break above 7907 assumes bullish continuation and brings the 7936 high into focus, a break above which opens up a run for the all-time high. Bulls could seek dips within the recent bullish engulfing candle whilst prices remain above its low, in anticipation of a break above 7907.
ASX24:AP1!Long
by CityIndex
SPI 200 hints at bullish breakoutPrices have been coiling on the daily chart to form a potential bullish pennant / symmetrical triangle, which hints at further gains. RSI (14) remains over 50 on the daily chart, and volumes were lower during the consolidation to show lack of conviction from bears, sellers stepping in at the cycle highs. The 1-hour chart shows prices retracing lower after RSI (2) reached overbought, alongside a bearish pinbar at the cycle high. We're now looking for price to either hold above the triangle breakout level, or for RSI (2) to reach oversold whilst prices hold above the high-volume node. From here, the bias is for a rise to 7850m or the weekly pivot point just above the high-volume node at 7866.
ASX24:AP1!Long
by CityIndex
SPI 200 looks set for lift-off ahead of US PCE dataWe have a huge risk event in the coming hours; US PCE inflation. Should it come in softer than expected, risk is likely to pick up as this is how it has behaved pretty much every time inflation has come in soft. Conversely, a hot inflation report could dent risk - but we suspect not to such a large degree. Fed members have been very vocal about maintaining higher rates, and markets seem more likely to jump on any chance of re-pricing in multiple cuts which could send indices higher. SPI 200 futures (of the ASX 200 cash market) just tapped a record high ahead of the European Open. Given the US dollar is also retracing, it suggests traders are placing last minute bets of a softer inflation report. But the bullish trend structure of the SPI 200 futures chart is hard to ignore. Prices have remained above the bullish trendline despite two intraday spikes below it. And an inverted head and shoulders pattern (bullish continuation during an uptrend) appears to have formed at the record high, which projects an upside target around 7900. The 100% projection of the prior rally lands around 7800.
ASX24:AP1!Long
by CityIndex
Potential bull flag on ASX futures (SPI 200)The ASX 200 cash market rose for a second day, although the SPI 200 futures closed flat with a potential bullish pinbar on the daily chart. The 1-hour chart also shows a potential bull flag, which projects a target around 7640 (or the Feb 2nd overnight VPOC - volume point of control). For today, bulls could seek pullbacks towards 7580 - 7587 (overnight VPOC) in anticipation of a break higher. Or wait for the break to enter long. Upside targets include 7600, 7614 (cycle high), and 7640 / 100% projection.
ASX24:AP1!Long
by CityIndex
SPI200 - Sentiment remains negativeSPI200 - Intraday - We look to Sell at 7165 (stop at 7215) Buying pressure from 7018 resulted in prices rejecting the dip. With the Ichimoku cloud resistance above we expect gains to be limited. This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower. Preferred trade is to sell into rallies. Our profit targets will be 7025 and 6965 Resistance: 7140 / 7340 / 7590 Support: 6965 / 6860 / 6770 Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Signal Centre’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Signal Centre.
VANTAGE:SPI200Short
by VantageMarkets