SPI Monthly"I've been harping on for a couple of months that the SPI is going to go higher in the 3rd quarter towards 4400... based on current price action and trading around the 3rd quarter 50%, there is a potential Thrust pattern in play...
Thrust pattern:- is a trend originating from the Monthly 50% levels in the new Quarter.
However, we first have to deal with next week's higher Weekly open (Expectation of a 2-3 day down move) , and it might take another 5-days of trading until next week closes to verify any continuation upwards.....
Previous Weekly Report
Based on Friday's close and next Week's open (below the 3rd Quarter 50% level), that UP move in the 3rd Quarter is now open to RISK of dropping down into July's lows and continuing down into August lows 2x Monthly wave pattern in lower lows.
And that will depend a lot on US markets and the trend they take...
http://www.usindexweekly.blogspot.com/
SPI Futures WeeklyLast Week's early sell pattern was helped by US market JOBS data, and at this stage...
The Weekly 50% level and July's 50% level should be used as resistance for a continuation downward.
The only way for the Australian Market to continue higher, is if US markets actually move UP in the 3rd Quarter...
And our market follows helped by Financials....
At this stage I wouldn't be buying into stocks until there is at least some consolidation above 3907.
Because whilst price is below the 3-Quarter 50% level there is a potential to revisit the recent lows in March:- 'Secondary trend' is now back in a 'sell' pattern bear trend.
