Overnight Market Action 08/01/2016.

Another bearish development overnight with SPI Futures. Price action now entering into the zone of support. August, September and December 2015 lows are still holding as of this writing. But for how long may be the question ?

ASX 200 Volatility/Fear Index XVI also in a resistance zone, worth watching. XVI extreme readings usually coincide with some reaction as well as potential reversal with XJO.  Will we see a reading like the one on 25th of August 2015, which was followed by a reversal remains to be seen with XVI ?

SPI Daily Chart below.

spidaily08012016

XVI Weekly Chart below.

xvidaily08012016

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