SPI Monthly and WeeklyIn the short-term the direction of the Australian Market is going to be defined by the December 50% levels.
Last week I was bullish on the Australian market, but only if US markets (S&P 500) had moved down into the Weekly 50% levels.
http://usindexweekly.blogspot.com/2009/11/dow-s-28th-november-2009-weekly.html
That never happened until Friday's trading, and if the SPI is above the December 50% levels the bias is to move upwards or remain supported.
However, as pointed out in the US market report, i'm looking for larger cycle rotations in 2010...
And if price is below the December 50% levels, the bias is to continue down in the next 3-month cycle (1st Quarter 2010)
