ASX 200 futures test their luck below resistance
I 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.
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.
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