SPI Futures
As per previous report, once the Yearly 50% level was reached my view was that the Australian market would pullback.
The confirming pattern was Friday's break of support and change of cycle, but unless price is trading below the Weekly 50% level, the Australian Market can consolidate around these highs.
Any further weakness in the Australian market will be dependant on US markets, as the S&P will reach the same level next week :- Yearly 50% level 1038.
The previous Weekly report has my view on the market in much more detail.
