Australian Stock Market Weekly Report: 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

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

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 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.

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

Australian Stock Market Weekly Report