SPI MonthlyAustralian market remains above the 50% level, and whilst price remains above that level the market bias is to continue higher.
However, I'm still factoring a retest of the 50% levels (Support) before any lasting UP move can occur.
Next Week is the last week of the April, therefore where it closes is important for MAY's trading.
SPI WeeklyI've been bearish on the Australian Market since the APril highs were reached @ 3852.
But the market won't continue down if US markets continue to push higher, as they aren't any where near resistance levels. (Read US Weekly Report)
This week saw lower prices into Weekly support, but most of the UP move resulted from the higher Friday close in US markets.
We can see the Shift in the April resistance levels to higher prices in MAY.
I'd be surprised to see the market move towards those MAY highs without testing the Monthly 50% levels first, but it can happen as price can follow a 2x Monthly pattern since the cross-over of the March 50% levels.
Next Week:- resistance @ 3792.
SPI 5-day patternAs per Previous report I'm Bearish on the SPI with the expectation of price coming back down into the Monthly 50% level......
and it started on Monday, with the Sell down from the 5-day 50% level @ 3783 and breaking support.
This pattern leads to a push down into the 5-day lows on Tuesday:- 2-day selll.
The rest of the Week Support held within the 5-day pattern, as support crossed over on Thursday, and then pushed the SPI higher on Friday in late trading.
Next Week:-
I'm still bearish on the SPI, and my interest on any down moves next week will begin with 3792.
However, once again any down move won't be confirmed unless there is another breakout on the downside with price trading below 3696.
"Rising Weekly ranges but shorter in length and coming into the last week of
this Month.....especially if there is any break of the 5-day lows...."
- Daily Trading Set-ups & Analysis
