SPI monthly and Weekly
Australian Market is well supported around the Yearly 50% level @ 4295
Based on the current pattern along with long set-ups pointed out for BHP and banking stocks (the Stock Report) the Australian market needs to move above the September 50% level for a swing towards 4672 (#B)
This month has seen a double weekly low pattern (this week's lows) and price now is rotating back into the monthly 50% levels for September
I'm confident in the price action for the Australian market to continue higher, however I'm not confident in the price action in the S&P 500, and I've mentioned this for a number of weeks now, that the market is being held back by the S&P 500.
If that continues to play out in the S&P 500 (read US market Report), then the next long set-ups in the Australian will align with the S&P 500 hitting 970
