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)
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
Previous Weekly report
SPI Weekly
The shift in market dynamics from August into September help provide the Thrust pattern upwards this week and should continue towards 4672 during the 3rd quarter in September.
Even though the Australian looked supported I still needed to see the S&P follow that same pattern to help validate my view (read US report).
Market dynamics suggests higher highs next week, and there are a number of resistance levels that will come into play around the September and Weekly highs.
