But any strength in the market can be easily offset if US markets reverse down next week
Previous Weekly report
SPI Monthly and Weekly
The Australian market began with a 2-day rally using the Weekly 50% level as support, however as noted in the previous weekly report.... it's the price action in the S&P 500 that's going to offset that stability based on US markets reversing down from their January highs "
As the S&P 500 reversed down on Friday, the SPI is back into critical support levels once again, but this time I'm not factoring in a 2-day rise early next week (less probability)
How the Australian market plays out over the next 2-weeks will be determine whether the S&P 500 follows SET-UP A or SET-UP B (read the US market report).
Any further weakness below support levels can see the market drop back down into 4560
