SPI Monthly and Weekly
July 50% level @ 4487 has stalled the Australian market from rising.
The next week begins August with the critical trend line being 4467.
Based on the current patterns in the S&P on friday I would have the view that next week will begin with a 2-day up move and likely to continue towards 4565.
At stage the 3rd quarter looks like it's consolidating with an upward bias towards 4672 in September, as price follows the Weekly patterns in an orderly manner.
As long as price remains above the trailing Weekly 50% level and 4467 the trend bias is up
