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ASX SPI 200 Index FuturesASX SPI 200 Index FuturesASX SPI 200 Index Futures

ASX SPI 200 Index Futures

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AP1! trade ideas

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 looks set for further gainsA strong lead from Wall Street on Wednesday ahead of Independence Day could bode well for Asian indices such as the ASX 200. The daily chart shows that prices are coiling which could indicate the volatility is set to increase in the coming days or weeks. Take note that over the past couple of weeks, each dip beneath 7700 has been bought Which shows demand above the June low. The one-hour chart shows a strong rally from the weekly S1 pivot points and the bias is removed up to 50-day average which sits near the weekly pivot point and just beneath the monthly pivot point. Therefore, dips toward 7700 look appealing for bullish swing trades towards the 50 day average.
ASX24:AP1!Long
by CityIndex
2
ASX looks set to retrace from resistanceThe ASX 200 cash market enjoyed its most bullish day in seven on Thursday. But like the SPI 200 futures contract, it met resistance before pausing. The daily chart shows that a double top formed around the June 26 high and trend resistance. And as it's not unusual to see a market retrace against a strong move, and we have an NFP report looming which could suppress volatility, we're looking for prices to retrace lower against yesterday's rally. Bears could target the 20-day EMA between the weekly and monthly pivot point, with a stop above yesterday's high.
ASX24:AP1!Short
by CityIndex
Bearish breaks in ASX 200 SPI futures often don’t stickDips below 7685 in Australian ASX 200 SPI futures have made for good buying in June. Will the latest be any different? Yes, the price action looks terrible having broken out of the pennant in the overnight session, so I’m not rushing the buy the dip. But if we see the move stall during the session, there are grounds for a cheeky long with a stop below the session lows for protection. I expect Chinese stock indices may be influential today given the quiet data calendar. 7685 would be the initial target with the 50-day moving average the next after that. If the trade were to move in your favour, consider lifting your stop to entry level to provide a free shot on upside. Selling the break right now comes across as a low probability setup. But if SPI were to sink back to 7615, that will provide far better setups depending on how the price interacts with the level. DS
ASX24:AP1!
by FOREXcom
1
ASX 200 futures down before a US public holiday?1?There are few things ASX 200 futures traders like more than a US public holiday, often delivering big gains when Wall Street is away. Yet, when we look at futures before the Juneteenth public holiday, SPI sits in negative territory, down 0.24%, giving back some of the solid gains of the previous session when the contract broke back above the 50DMA with ease. One look at commodity prices suggests the ASX 200 materials sector may enjoy strong tailwinds today with iron ore and energy markets rallying strongly overnight. And there’s been no shortage of willing buyers in the Aussie banks recently, casting doubt on whether the pullback overnight will stick. Buying the open targeting a push towards the June high of 7885 is an option for those keen to take on the long trade. A stop below Tuesday’s low of 7736 would offer protection. Should the trade move in your favour, consider lifting your stop to entry level to provide a free hit on upside. DS
ASX24:AP1!
by FOREXcom
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