SPI Futures (Australian Market)As mentioned in last week's report, the critical level in the market is 4703....
And with Friday's close below that level, (weekly close) it is now likely to follow the Weekly pattern towards next week's lows.
Even though the market could continue to consolidate around these levels for the next couple of weeks, the Australian market isn't in synch with the US markets.
If US markets follow a move down towards their own Weekly lows, (Read US report)...
it will push the Australian market lower.
At this stage the minor timeframe cycles are bearish, as price is below both the Weekly and monthly 50% levels...
Whilst the Primary and Secondary cycles are bullish, as price is above those levels @ 4565 & 4442...
But a failure of support could see the market drift down towards those levels during the first quarter. (see previous reports for Primary and Secondary levels)
