Australian Futures SPI MonthlyExpectation of higher prices in 2009, as part of a rotation towards the yearly 50% level, which is around 4400.
As long as prices remain above the monthly 50% levels, then the bias is to continue the swing from March lows towards the Yearly 50% level, whilst trading the lesser trends:- Weekly & Daily.
MAY high resistance has ended and there is now an expectation of higher moves into June...
SPI WeeklyI would have preferred that MAY pushed lower into the Monthly 50% levels from the highs, as this would have provided a greater swing upwards.
Instead US markets continue to move higher, not allowing the Australian market to drop that little bit extra.
In conclusion:- The bias is to continue higher, and over the past 2 months the SPI has opened above the monthly balance point which has pushed prices higher.
At the start of June the SPI will be opening right on 3847 , which is the June balance point.
Therefore that level is going to define the medium term trend in early June.
Above 3847 and price is pushing up once again.
Below 3847 along with a higher Weekly open could eventually see a short-term down move into Monthly support, which is what I'm looking for.
I prefer a continuation upwards to retest support sometime, rather than clinging to the Monthly highs each month.
