The longer term charts suggest more weakness whilst below the August 50% levels.
However, 3rd quarter consolidation can see more 5-day patterns that remain range bound between the Weekly levels"
Previous Weekly report
SPI Monthly and Weekly
Australian market consolidates between the Weekly levels during the past 5-days whilst the S&P 500 continues to move down, as the market remains below the August 50% levels.
The price action in the US is an anchor on the Aussie Market.
Next week's range once again will be determined by support levels @ 4383, and likely swing back towards the Weekly 50% levels.
What happens in the S&P 500 is going to effect the Australian market, and at this stage it looks like more consolidation until September.
