SPI Monthly and WeeklyYearly 50% level Support @ 4295 and now this week has closed above the 3-Quarterly 50% level @ 4522 and has remained supported without selling down.
Based on the current patterns and also the price action in the S&P 500 (Read US Index report)....
The Australian market looks like following the Weekly ranges upwards next week and into July (2-weeks)
The market could continue to consolidate around the June 50% level for the next 2-weeks until the start of the 3-Quarter and a new 3-month cycle (new trading set-ups)...
But at this stage I would treat the Aussie market as following the Weekly ranges upwards, as long as it remains above 4519.
Note:- looking at the large cap stocks (BHP, RIO, and Banking stocks), there are no bullish patterns appearing as yet or 'buy' set-ups.
The Yearly 50% levels in the XJO and Miners are supporting the market along.
BUY set-ups may appear in the 3rd Quarter. (Read Stock Report)
