SPI Futures short term outlook 10/02/2016.

The news of the Technical Bear Market  may have attracted some late comers to short the index today, but they may be in the process of covering their shorts as of this writing.

A nice and decisive counter cyclical move unfolding as of this writing with SPI. As to where it may travel remains to be seen. But in this  short term 1000 Tick Chart, SPI is doing all the right things atm.We are up around 2% from the low that we saw today.

Should this continue overnight and we see a bullish close with SPI Futures, the follow on effect of this would be a very bullish open with potential GAP UP for the cash market. Watch the boys and girls scrambling to cover their shorts and the meaningful short covering rally which it may bring.

A very short term chart and very short term view this SPI 1000 Tick Chart, which can/may change very quickly. 

Time is around 21:20 in Melbourne.

spi10022016

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