SPI Monthly and Weekly
The Aussie market has reached 4672 in the 3rd quarter and has hit major resistance levels.
My view is that the 4th Quarter can continue higher towards 4895...
However, in the mean time there are two possible patterns that may play out depending on the price action in the S&P 500.
#1) Continues back down into the September 50% level:- support @ 4443
#2) drifts lower over the next 2-weeks and then aligns with the 4th Quarter 50% level for a push towards higher highs @ 4895
Next Week:- My view is that the S&P 500 is going to start the week with a continuation of a 2-day reversal pattern, which is going to put pressure on the Aussie market.
As mentioned in last week's report:- a reversal pattern in our market will be helped by higher timeframe resistance levels and then verified by a 5-day low breakout
The key level will be 4593 from Wednesday onwards.
