Aussie Index (SPI) 22 Jan 2010 Weekly

"As per my view of 4956-68 being a major resistance zone I'm expecting the market to reverse down from these levels and begin to move into a larger Trend reversal.

"Little things can grow into big things, and the current price action that is occuring is acting in a manner that often leads into big things"

I'm not expecting January 50% levels to hold support"

Previous Weekly report


SPI Futures Monthly and Weekly

US markets has helped the SPI move down into support levels @ 4616, but below the January 50% levels, as I didn't expect those levels to hold during the first Quarter.

Even though these levels can support the market, I do have a larger trend reversal down towards 4300 in 2010.

My view is that the SPI should remain below the Weekly 50% level and January 50% levels over the next 5-days.