Previous Weekly report
SPI Monthly and Weekly
Last week began with an UP move, but by the 2nd day price had closed below 4512, and the 3rd sold down into the Weekly lows @ 4330.
Currently the market is in a 3rd Quarter consolidation pattern and trading around the Yearly 50% level @ 4295.
Fundamentally and technically the Australian market looks in much better shapethan the US, with the S&P likely to come under more pressure.
The longer term charts suggest more weakness whilst below the August 50% levels.
However, 3rd quarter consolidation can see more 5-day patterns than remain range bound between the Weekly levels.
Next Week's Trend guide @ 4373
Support 4287
