SPI 200 Bulls Tease Break of 200-day MAsASX SPI 200 Index FuturesASX24_DLY:AP1!StoneXTradingAs we’ve already seen a sizeable selloff on the SPI 200 (ASX 200 futures chart), with support found around 8700, I’m seeking another leg higher. But it is worth noting that corrective price behaviour can be more erratic and choppy than trending moves, like we saw during the selloff. Therefore, we’re not seeking large moves or looking to hang around longer than necessary. Today’s low once again found support around 8700, while the 200-day SMA and EMA sit around 8810. And with the initial momentum of the day already fading, bears may be seeking to fade moves towards the 200-day averages or last week’s high for a short-term mean-reversion trade lower. Beyond that, I fancy its chances of eventually breaking above last week’s high and at least closing the gap from the 8894 swing low. So if we see a move lower ahead of a breakout of last week’s high, bulls could also seek dips while prices hold above this week’s opening gap, in anticipation of a breakout. A move beneath gap support or Friday’s low makes bullish setups less appealing, while a break of last week’s low could open the way for a run towards the July low just above 8600. A break beneath that would then expose 8500. MS