SPI Monthly and Weekly
The Trend in the Australian market continues to remain stable, as long as US markets don't reverse down from their January highs.
What we saw this week was the Weekly 50% level @ 4741 provide support early in the week for a move towards the Weekly highs @ 4828.
The expectation was for the market to continue towards the January highs @ 4844, however, weakness followed when the S&P reversed down and the SPI opened below 4810.
SPI Weekly and 5-day rangeNext Week:- my view is that the SPI will try and move upwards again:- 2-day rise from Friday's lows @ 4725
But any strength in the market can be easily offset if US marekts reverse down next week (read US report)
