Good Morning,
The SPI200 June 10 contract continued price acceptance in the new range yesterday. A midsession initiating sell tail at 4516 rotated the market to the low side of the development midsession, extending to a new distribution break, that was rejected with a responsive buy tail at 4476 and the market rotated back inside the development to close 4494.
The market initially rotated higher overnight to a rejecting responsive sell tail at 4533, which capped gains. The market rotated lower to a new distribution that was again rejected with a responsive buy tail at 4453, and once again the market rotated back inside the development to close 4524.
Several distribution attempts lower have been rejected and the market has returned to a balanced stance and continues to accept prices in the establishing development.
Key resistance is at 4549/53, 4565/68, a break opens potential for a rotation to 4583 initially and 4608
Key support is at 4512, 4486/83, and 4476.
Resistance: 4533, 4539, 4553, 4561, 4565/68, 4573, 4578, 4583, 4589, 4594, 4608
Support: 4524, 4510, 4502, 4496, 4486, 4478, 4467, 4452/48, 4445, 4435
Value Area Levels (Source Bloomberg)
Previous SYCOM and Day Session 4496 to 4564
Overnight Session 4479 to 4524
Have a good day.
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