The Australian Stock Market 29th December 2012

SPI Monthly & Weekly cycles

My view remains that the market is heading up into 4752+

However, below 4626 and the market can quickly visit the Weekly lows @ 4552/4459,

as US markets continue to come under pressure.

Note:- long term Support resides around the 2013 Yearly 50% level @ 4430

The Australian Stock Market 22nd December 2012

SPI Monthly & Weekly cycles

The Market continues to trade around the December highs @ 4617 (random Resistance) with a target of 4752 in early 2013....

Short-term Support @ 4593

if below support it will quickly visit the Weekly lows

The Auustralian Stock Market (SPI Futures) 15th December 2012

SPI Monthly & Weekly cycles.

The SPI has continued higher reaching the December highs and now consolidating around 4571

Upward target reamins 4752 by January....

with the possible slip downward into 4544 in the short-term (Random Support level over the next 5-days)

SPI Futures Australian Stock Market 8th December 2012

SPI Monthly & Weekly cycles

As noted for a number of weeks now, the trend bias is to continue higher and try and make it towards 4752 by January.

The Target of the December highs @ 4616 remains intact, but it won't surprise me to see 4571 form resistance for the early part of next week.

The Austrailian Stock Market SPI futures 1st December 2012

SPI Monthly & Weekly cycles

Trend bias is UP into the December highs after finding 4th Quarter support @ 4341

December highs are seen as random resistance @ 4571/4616

but I have a overall target @ 4751 into the start of 2013

SPI Futures Australian Stock Market 24th November

SPI Monthly and Weekly cycles

The SPI has continued to rise up from the 4th Quarterly Support zone...

it did stall around the Weekly levels @ 4407, but

Thursday's close above help set-up further gains.

Next Week:- Weekly 50% level @ 4438 is Support

as the trend continues upwards

SPI Futures Australian Stock Market 17th November 2012

SPI Monthly cycles

As noted 2 weeks ago (Weekly Report), if the November 50% levels can't hold because of the

price action in US markets, then the Aussie Market is heading down into 4341.

When we look back over the past number of Quarters, we can see that the SUPPORT in

each 3-month cycle coincides with this same level (RED)...

The only time it didn't was back in MAY this year, 6 months ago, but it did support it for 5-days, &

then followed a break-n-extend pattern into the following Quarterly lows.

Therefore 4341 is seen as SUPPORT during this Quarterly cycle, otherwise it will follow a similar

break-n-extend pattern into the 1st Quarter of 2013

SPI Monthly & Weekly cycles

If it does rise upwards next week then it's likely to stall around the October 50% level @ 4416/19, for the next 5-days.

The critical pattern in the Weekly cycles is whether it follows the breakout of the Weekly lows @ 4413 down into next week lows @ 4301

The SPI Futures Australian Stock Market 10th November 2012

SPI Monthly & Weekly cycles

Primary cycles still continue to suggest the Australian Stock market is heading up into 4800+

This will be helped or hindered by the S&P 500 reaching Support this week & and the 4th Quarterly 50% level

(Read US Index report)

SPI Futures Australia Stock Market 3rd November 2012

SPI Monthly & Weekly cycles

The SPI has decided to rotate towards the November 50% level @ 4416/19

This level is seen as the trend guide for a move towards higher highs in 2012 @ 4800+

However, it wouldn't surprise me to see a short-term Spike downward into 4341 (Support), before it settles back above the November 50% level and then continues higher into the end of the year.

SPI Futures Australian Stock Market 27th October 2012

SPI Monthly & Weekly cycles

The Australian Market continues to consolidate above the October highs @ 4477, with an overall trend bias towards 4800 by year's end...

Next week is simply defined by the Weekly 50% level @ 4486...

#1) it continues higher for the next 5-days towards the November highs

or

#2) moves down into the Weekly lows, which matches the November 50% levels

SPI Futures Australian Stock Market 20th October 2012

SPI Primary & Weekly cycles

As mentioned a number of weeks ago in my Weekly Report, my view is that the Australian stock market is heading towards 4800+

This was helped by the change in the Weekly cycles (White) along with price trading above the Yearly 50% level.

Even though there was weakness in US markets on Friday, I'm not sure it's going continue much further down.

Therefore the Weekly level @4505 will determine whether there's more upside during the 4th Quarter of 2012.

SPI Futures Australian Stock Market 13th October 2012

SPI Monthly & Weekly cycles

The Australian market continues to Hover around the October highs:- Random resistance,

Whilst US markets come under selling pressure, the Australian market has done well to remain at these levels.

The overall trend bias is UP towards 4800+, but that will depend on how well US markets find support around their own October 50% levels (READ US Index report)

If the SPI is below 4468 next week, the expectation is that it's coming back down towards the Weekly 50% level.

With long term support around 4272 to 4232

SPI Futures Australian Stock 6th October 2012

4389 is a major Primary trend line, and whilst this week has closed above it, along with bullish patterns appearing in Resource stocks...

The Trend bias on the Aussie stock market is to continue to trend towards 4800+

SPI Monthly & Weekly cycles

The SPI didn't move down into Support, instead it rose up from the Weekly 50% level breaking out of the Weekly highs @ 4428

Once that occurred, the trend bias was to continue higher and  follow the break-n-extend pattern up towards next week's highs.

The long term pattern is to continue up into 4800+ as mentioned 3 weeks ago.

The Short-term pattern is based on the October highs @ 4477.

If below that, then there is the expectation that price is refilling the breakout pattern and retest 4428

Australian Stock Market SPI futures 29th September 2012

" US markets begin next week with a 2-day reversal pattern, which drags the SPI lower, and instead of moving upwards the market goes looking for lower monthly support levels in the early part of October " ...

last weeks report

SPI Monthly and Weekly cycles

US markets did drop during the 1st two days last week, and in my opinion the trend in the Aussie is moving down into the monthly cycle Support levels @ 4279, along with the 4th Quarterly 50% level in October.

That view will be defined by the Weekly 50% level @ 4366...

and if the trend is going to continue higher in 2012, then those support levels in October are the best levels for that to happen from

SPI Futures 22nd September 2012

4389 is a major Primary trend line, and whilst this week has closed above it, along with bullish patterns appearing in Resource stocks...

The Trend bias on the Aussie stock market is to continue to trend towards 4800+

SPI Monthly and Weekly cycles

The SPI continues to trade above the key level @ 4389, however

it continues to butt its head against the random resistance levels in September.

Those levels will shift higher in October, allowing the market to move more freely upwards.

There are two patterns at play....

#1) remains above 4389 and continues up in the last week of the 3rd Quarter towards new highs in October

#2) US markets begin next week with a 2-day reversal pattern, which drags the SPI lower,

and instead of moving upwards the market goes looking for lower monthly support levels in the early part of October

SPI Futures Australian Stock Market 15th September 2012

SPI monthly and Weekly cycles

Trend bias is UP into the September highs (random resistance)...

4389 is a major Primary trend line, and whilst this week has closed above it, along with bullish patterns appearing in Resource stocks...

The Trend bias on the Aussie stock market is to continue to trend towards 4800+

SPI Futures Australian Stock Market Report:- 8 September 2012

SPI Monthly and Weekly cycles

Trend bias is UP towards the September highs...

However, 4389 continues to be a major resistance level in 2012.

Short-term:- the trend guide is the Weekly level @ 4369

along with the possibility that price tests the SUPPORT levels and Weekly lows before it breaks above 4389

SPI futures Australian Stock Market 1st September 2012

SPI Monthly and Weekly cycles

As noted in last week's report, there is a ton of resistance around these highs & 4389

Because there's a break out from 4290 the trend can continue to move up towards the September highs @ 4406 to 4451

However, after reading the US Index report, there is also the potential for the Aussie market to come down and test Support levels within the cycles @ 4228

SPI Futures 25th August 2012 Weekly Report

SPI monthly and Weekly cycles

There is a ton of resistance around 4389 (3 year 50% level), which has acted as resistance twice this year, and is currently acting as resistance now.

There are two patterns at play.....

#1) continues with the breakout pattern from 4290 and extends up towards new highs in September.

#2) Read the US Index report.

Support resides around the 3rd Quarterly 50% level @ 4168

SPI Futures 18th August 2012 Daily Report

SPI monthly and Weekly cycles

Trend bias is up into the August highs @ 4372-4389..

Note- 4389 is seen as a major 'random' resistance zone during the month of August

SPI Futures 11th August 2012 Weekly Report

SPI monthly and Weekly cycles

As noted in last week's report, the trend bias is Up but around 4288/90 there was a random resistance zone, which is what happened

Next Week:-  the overall  trend is to continue up towards the August highs..

and next week's weekly level @ 4236 will determine whether that's going to happen or not.

Trailing 'support' resides around the Monthly and Quarterly 50% levels

SPI Futures 4th August 2012 Weekly Report

SPI Monthly and Weekly cycles

As per last week's report, the market has continued upwards and is likely to continue upwards early next week.

Target remains August highs...

However, 4290 is a random resistance zone..

Whilst 4192 (3rd Quarterly 50% level) is likely to continue to support the market

SPI Futures 28th July 2012 Weekly Report

SPI Monthly and Weekly cycles

last week saw the market come down into the Weekly lows @ 4033, find support and then continue higher on the back of the same price action in US markets.

There is now a Weekly close above the 3rd Quarterly 50% level, therefore there is an expectation that the trend will continue to move upwards for the next 5-days...

and then push higher into the August highs the week after next.

SPI Futures 21st July 2012 Weekly Report

SPI Monthly and Weekly cycles

The Australian Market continues to battle against the Quarterly 50% levels,

as Resource stocks hold the overall market down.

Next Week's level @ 4132 will define whether the market will continue higher or not

SPI Futures Australian Stock Market 14th July 2012

SPI Monthly and Weekly cycles

The Australian Stock market continues to trade sideways within the Weekly and Monthly cycles.

Short-term trend guide for next week is based on the Weekly 50% level @ 4073

And until there is a breakout above the 3rd Quarterly 50% level...:- (2-month wave pattern & higher highs)

There is always to possibility for weakness towards 3784

SPI Futres Australian Stock Market 7th July 2012

SPI Monthly and Weekly cycles

3rd quarterly 50% level forms resistance, and whilst below that level there is always the chance that the market makes its way down towards the July lows, & then 3784.

However, it would need to be trading below the Weekly 50% level @ 4078 to help verify that move.

Otherwise, keep an eye on the Weekly 50% level, & if it bounces off this level and next week closes above the 3rd Quarterly 50% level..

Then the UP trend will last for 2-months:- August/September. (#B)

SPI FUTURES Australian Stock Market 30th June 2012

SPI Monthly and Weekly cycles.

The MAY break-n-extend pattern completed at the June lows, and the trend is now rising back towards the July 50% level and 3rd Quarterly 50% level.

Those levels are seen as resistance, with the expectation that the Trend is continuing lower:- June lows and 3785

However, A weekly close above those same levels (resistance) will likely see price continue to trend upwards until the Start of September:- 2-month wave pattern.

SPI Futures Australian Stock Market 23rd June 2012

My view is that the Monthly 50% level and and 2nd Quarterly 50% level will continue
to act as resistance ...

Primary & monthly cycles suggest further weakness (previous Weekly Report)

SPI Monthly and Weekly cycles

both levels acted as resistance, as the June 50% level slapped the trend downward once again...

And the trend is likely to continue down into the June lows

and extend down into the July lows

as part of testing the 2012 Yearly lows @ 3784 (Support)

SPI Futures Australian Stock Market 16th June 2012

I still have the view that the June 50% level...

 and 2nd Quarterly 50% level will act as resistance until July (3rd Quarter)

Previous Weekly Report

SPI Monthly and Weekly cycles

2nd Quarterly 50% level and June 50% level continues to act as resistance, and may continue to do so for a few more weeks.

Next Week:-

Weekly 50% level @ 4074 will determine whether there is upward bias (or not)

A lot of that will also depend on the market's reaction to the Greek elections over this weekend.

Primary and monthly cycles suggest further weakness

SPI Futures Australian Stock Market 9th June 2012 Weekly Report

Trend bias is down into the June lows...(Support) ..

and I would then look for a counter-trend move up towards the June 50% level over the coming weeks..(Resistance)

SPI Monthly and Weekly cycles

The Aussie market didn't precisely hit the Support levels in June, as the market rose on the back of

US markets hitting their own June lows and rising upwards.

Weekly 50% level is the trend guide next week for gains up into the June 50% level.

I still have the view that the June 50% level and 2nd Quarterly 50% level will act as resistance until July (3rd Quarter)

Australian Stock Market SPI futures 2nd June 2012

The Trend bias is also part of the break and extend pattern from the MAY lows into the June lows.

SPI Monthly and Weekly cycles

Trend bias is down into the June lows...(Support)

and I would then look for a counter-trend move up towards the June 50% level over the coming weeks..(Resistance)

Note:- overall trend bias is to continue down towards 3784 is 2012

SPI Futures Australian Stock Market 26th MAY 2012

Around next week's lows could see a short-term counter-trend move upwards, as part of retesting the MAY lows (resistance)

 But, the Australian stock Market is going to struggle to rise higher than 4143/64 for the rest of this Quarter  (Previous Weekly Report)

SPI Monthly and Weekly cycles

The Market didn't make it down into the Weekly lows, but it did test 4143, which formed resistance and pushed the stock market lower

The overall target remains around 3785 based on the Primary cycles

The Trend bias is also part of the break and extend pattern from the MAY lows into the June lows.

However, there is 1 week to go in MAY, and often price can rotate upwards into the following monthly 50% level...(June)

and then once again rejected down into the June lows, completing the break and extend pattern :- SUPPORT

Next week's lows @ 3961 will determine whether there is a counter-trend move up into the June 50% levels or not.

SPI Futures Australian Stock Market 19th MAY 2012

like all Good Support levels, the market is often dictated by it's lesser timeframe cycles....(Weekly)..

 and if it's going to continue down into the 2nd Quarterly 50% level and MAY lows @ 4143/64, then the shift in the Weekly cycles (lower lows) can provide the road map for further weakness.

Trend guide Weekly level @ 4293

SPI Monthly and Weekly cycles

The MAY 50% level along with the Weekly level @ 4293 help set-up further weakness towards the MAY lows and 2nd Quarterly 50% level

which was a target zone, and also a Support zone (4143/64)

However, as we have seen, that support zone failed to hold once the S&P 500 failed to hold its own MAY lows @ 1315.50, resulting in further weakness that could see the SPI move as low as 3785 in 2012

Around next week's lows could see a short-term counter-trend move upwards, as part of retesting the MAY lows (resistance)

But, the Australian stock Market  is going to struggle to rise higher than  4143/64 for the rest of this Quarter

SPI Futures Australian Stock Market 12th MAY 2012

there is an expectation that for the trend to continue higher it needs to revisit support during the current Quarter. That Support resides around 4252/54.

So if you want to get back into the current trend, then that's the area of interest.

However, as a footnote I also mentioned the possibility that if it breaks Support it will continue down into the 2nd Quarterly 50% level (Yellow), which has always been my overall support zone.

SPI Monthly & Weekly cycles

4252/54 has held support , and if the market is going to continue upwards, then the Weekly level @ 4293 will provide the trend guide early next week...

We currently have the same price action during this Quarter as the previous three Quarters:- dynamic Support

However, like all Good Support levels, the market is often  dictated by it's lesser
timeframe cycles....(Weekly)

and if it's going to continue down into the 2nd Quarterly 50% level and MAY lows, then the shift in the Weekly cycles (lower lows) can provide the road map for further weakness.

Trend guide Weekly level @ 4293

SPI Futures Australian Stock Market 5th MAY 2012

The SPI is trading around the monthly highs, which is currently acting as resistance.... and may continue to do so until it pulls back into trailing Support levels.

If that's going to repeat during this Quarterly cycle, then the trailing single monthly lows (RED) in the future months "a window into the Future' are levels that should be of interest for traders looking to 'TIME' longs once again.

Note:- A break of monthly support will result in a minor break and extend pattern towards the Quarterly 50% level (Yellow) Previous Weekly Report.

SPI Monthly & Weekly cycles

As mentioned in last week's report, there is an expectation that for the trend to continue higher it needs to revisit support during the current Quarter.

That Support resides around 4252/54.

So if you want to get back into the current trend, then that's the area of interest.

However, as a footnote I also mentioned the possibility that if it breaks Support it will continue down into the 2nd Quarterly 50% level (Yellow), which has always been my overall support zone.

Because what we notice using past history to define probable future moves is that...

the breaks of support often occur during the month of MAY, extend down into lower lows (JUNE/JULY) and then find support.

Therefore 4252/54 can and may continue to follow the same patterns for the past 3 Quarters and support the trend.

or it's going to follow a similar pattern as past years and break support and extend lower

SPI Futures Australian Stock Market 28th April 2012

Monthly & Weekly cycles

The SPI is trading around the monthly highs, which is currently acting as resistance.... and may continue to do so until it pulls back into trailing Support levels.


As it's been described in my latest book regarding Quarterly cycles, each UP move during the past 3 previous Quarterly cycles have aligned with the single monthly lows (RED)...

If that's going to repeat during this Quarterly cycle, then the trailing single monthly lows (RED) in the future months "a window into the Future' are levels that should be of interest for traders looking to 'TIME' longs once again.

Eventually a Robust UP trend will breakout of the monthly highs and continue to Extend up towards new highs in the following quarterly cycles, but at this stage I feel market will continue to consolidate in a large sideways band that has a slight upward bias.
Next Week:- 4384 and the Weekly level will determine the short-term 5-day trend with in the weekly cycles
Note:- A break of monthly support will result in a minor break and extend pattern towards the Quarterly 50% level (Yellow)

SPI Futures Australian Stock Market 21st April 2012

SPI Weekly cycles

The SPI remains stable with an UP bias....

and if it follows the monthly cycles in April...

then the trend should continue to push up towards next week's highs, and also the April highs.

Trend guide the Weekly level @ 4375.

Note: 4389 is the 3-year 50% level that has been acting as resistance during 2012.

SPI Futures Australian Stock Market 14th April 2012

The Weekly 50% level @ 4300 will define whether there is a short-term upward move

and 4300 will also define whether the trend moves down into 4256, and as low as the Weekly lows 4239  (Previous Weekly Report)

SPI Weekly Cycles

Weekly lows formed Support @ 4239 this week...

and next week's 50% level @ 4309 will define whether market continues to consolidate around the April 50% level...

or there's a short-term rise up towards 4358

After reading the US Index report, there is potential weakness next week until the S&P moves down into 1347.

Note:- Whilst the SPI is trading above 4257 the trend remains stable with an UPward bias.

However, I still believe that the market will visit the 2nd Quarterly 50% level @ 4146  during the current 3-month cycle

SPI Futures Australian Stock market 7th April 2012

Trend bias is to continue up towards the April highs....

However, my view is that the Australian Market will revisit the 2nd Quarterly 50% level over the next 3-months.

The move down will be helped by weakness in US markets..... (Previous Weekly Report)

SPI Monthly and Weekly cycles

The SPI didn't reach the precise April highs, as the downward trend gathered pace as US markets started to reverse down towards their own Monthly 50% levels.

The overall reversal target is the 2nd Quarterly 50% level 4196.

However, the April 50% level @ 4256 could form a random support zone for a number of Weeks ( further consolidation)

Next Week:-  The Weekly 50% level @ 4300 will define whether there is a short-term upward move 

and 4300 will also define whether the trend moves down into 4256, and as low as the Weekly lows 4239

SPI Futures Australian Stock Market 31st March 2012

SPI Monthly & Weekly cycles

Trend bias is to continue up towards the April highs....

However, my view is that the Australian Market will revisit the 2nd Quarterly 50% level over the next 3-months....

the 2nd Quarterly 50% level is seen as a robust Support zone during 2012

The move down will be helped by weakness in US markets.....

SPI Futures Australian Stock March 24th March 2012

Any further gains over the next 2-weeks will be towards the MARCH highs @ 4385

Note:- if the market is trading below 4300  the likely scenario is a close of gap...

Weekly 50% level Support @ 4244 (Previous weekly Report)

 

SPI Monthly and Weekly cycles

As the S&P 500 came down to retest Support @ 1482, (read US Index Report) the SPI followed moving down to it's own support levels @ 4244.

And if the S&P 500 follows the April high pattern, then it's going to drag the SPI upwards:- 4385

However, the 1st Quarterly 50% level continues to form resistance around @ 4292....

and even though the SPI could move towards the Weekly highs & 4385, don't discount the SPI revisiting the 2nd Quarterly 50% level during the next Quarter.

as this level @ 4130 would provide a more robust Support  'Thrust ' pattern upwards over the next 3-6 months.

In conclusion:- the SPI will be dictated in the short-term by how the S&P 500 responds to it's Weekly level @ 1395 (READ US Index report)

SPI Futures Australian Stock Market 17th March 2012 Weekly report

My view is that the trend will continue to move upwards over the coming weeks, and that will be decided by next week's 50% level @ 4229.

A continuation upwards will be helped by potential UPward patterns in US markets (Read S&P 500 Weekly report)  Previous Weekly report

SPI Monthly & Weekly cycles

The SPI is likely to follow the Weekly cycles and move towards next Week's highs, helped by the Weekly close above the Quarterly 50% level @ 4292.

Any further gains over the next 2-weeks will be towards the MARCH highs @ 4385

Note:- if the market is trading below 4300 (4292) the likely scenario is a close of gap (Tuesday's highs)

Weekly 50% level Support

SPI Futures Australian Stock Market 10th March 2012

SPI Monthly and Weekly cycles

The market has acted as expected and remain below the 1st Quarterly 50% level @ 4292, and test Support @ 4140.

My view is that the trend will continue to move upwards over the coming weeks, and that will be decided by next week's 50% level  @ 4229.

However, it would not surprise me to see the market remain flat until the start of the 2nd Quarter (April), and the Aussie market gets a better Thrust pattern upwards using the 2nd Quarterly 50% level (yellow)

Note:- a continuation upwards will be helped by potential patterns in US markets (Read S&P 500 Weekly report)

SPI futures 3rd March 2012 Weekly Report

I still form the opinion that the Australian Market will continue to BUTT its head around these levels, and if it's going to continue upwards...

Then the 2nd quarterly 50% level @ 4127 form provide the perfect Support zone (Previous Weekly Report)

SPI Monthly and Wekly cycles

The Monthly &  Weekly 50% levels can form a 'random support zones' next week and push the market upwards...

However, I still have the view that the market is drifting downward into the 2nd Quarterly 50% level (April)

SPI futures Australian Stock Market 25th February 2012

SPI Monthly and Weekly cycles

My view was that the SPI would drift lower, whilst US markets continue to push higher.

Instead the Australian Stock market has moved back towards the 1st quarterly 50% level @ 4292 once again and stalled

Next Week:- the trend may continue to push upwards, and follow the Weekly cycles, and may even move towards the monthly highs in March

however, I still form the opinion that the Australian Market will continue to BUTT its head around these levels, and if it's going to continue upwards...

Then the 2nd quarterly 50% level @ 4127 form provide the perfect Support zone

SPI futures Australian Stock Market 18th February 2012

If US markets begin to rotate downward (READ S&P 500 Weekly report)

the Australian stock market will be under pressure to move down towards support levels over the coming weeks.

The critical level will be next week's 50% level, along with the February 50% level

S&P Monthly & Weekly cycles

The Australian Market has been under pressure...

and may continue until it reaches the lower support levels within the current Quarter

Even though US markets push higher.... the Australian stock market has a different Primary cycle (bearish)... and whilst it's below the Monthly 50% levels...

the trend bias is to drift lower.

next weeks trend guide @ 4172

SPI futures Australian Stock Market 11th February 2012

My view is that the Australian Market will butt it's head against the 1st quarterly 50% level

Whilst the February 50% level will determined how stable this trend.

SPI Monthly and Weekly cycles

The Australian Stock market has continued to BUTT its head around the 1st Quarter 50% level, whilst US markets continue to push higher.

If US markets begin to rotate downward (READ S&P 500 Weekly report)

the Australian stock market will be under pressure to move down towards support levels over the coming weeks.

The critical level will be next week's 50% level, along with the February 50% level

SPI Futures Australian Stock Market 4th February 2012

SPI Monthly and Weekly cycles

The Australian Market continues to rise, but mainly helped by the bullish patterns in US markets.

My view is that the Australian Market will butt it's head against the 1st quarterly 50% level & Weekly highs...

Whilst the February 50% level will determined how stable this trend.

Sure the market can move as high as the monthly highs @ 4417, but I would be more confident in that happening if the Australian Market was already trading above the Quarterly 50% level at a lower level...

not where is it now:- 4292

SPI futures Australian Stock Market 28th January 2012

Trend bias is to follow the Weekly cycles upwards, and complete the
 move into the first Quarter 50% level @ 4295

Previous Weekly report

SPI Monthly and Weekly cycles

The Australian Stock market is moving up into the 1st quarterly 50% level @ 4295, which I see as resistance.

However, when we read the US index report, there is a potential 2-month wave pattern towards the February highs.

If the SPI is going to continue higher, then it's on the back of the S&P 500 moving towards 1356.

if the SPI is going to stall and reverse down...

then the S&P 500 will stall after completing of the break and extend pattern, and then begin to rotate down towards it's own February 50% level.

Either way, the Australian market counter-trend move upwards during the first Quarter is about to complete its first stage.