Aussie Index (SPI) 13th November 2010 Weekly

In the short-term, the market is either going to continue to push up towards next week's highs @ 4876 and then 4900

Or ...

we look for a minor corrective move back to retest the breakout & 4724-52

Previous Weekly report

                                                      Australian Market (Index futures SPI)

Last week began with price trading above the November highs and with the target @ 4900 in the 4th Quarter:- resistance

However, when Tuesday opened  below the November highs @ 4791 then the trend changed with a short-term reversal pattern down into 4752

And once 4752 couldn't hold, the trend bias was to move from a higher weekly open and continue to reverse down from the November highs into a lower Weekly close.

At this stage the market looks to be once again moving into a consolidation pattern within the weekly levels.

And higher timeframe support @ 4582