first quarterly highs @ 4883 next week, which also matches the Weekly highs @ 4881.
Those levels will be seen as resistance, however the Australian market will once again follow any leads from the S&P" (Previous Weekly Report)
SPI Monthly and Weekly
The SPI has moved up into the February highs and stalled around the resistance levels, closing lower of Friday.
These Monthly highs now completes the 2-month wave pattern within the current Quarterly cycle
Personally, I wouldn't want to buy into the market at these levels. I would want to see the market move back down into trailing support levels.
However, as noted in last week's report...
Our market will dance to the tune of the S&P 500, as it continues up towards 1331 on Friday, resulting in our market opening higher once again. (next week)
Therefore, even though my view is that the SPI has hit resistance at these levels, and I would like to see it come back down into trailing support zones
I also noted that there is a larger Primary cycle pattern, trying to push the market up towards 5093 by the 2nd Quarter in 2011
Therefore, the SPI can continue to move higher next week...
And any weakness will be helped by the market trading below 4857, and rotating back towards the Weekly 50% level.
