SPI Monthly and Weekly
In last week's report I wasn't so bullish because of the price action in the S&P 500.
However, that quickly changed when both markets moved back above their Weekly 50% levels....
And the SPI has followed the trend into the monthly highs in February...
And likely to reach the 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 (Read US market report).
SPI Yearly and Monthly
The SPI will be hitting major resistance levels next week...
However, as noted at the start of the year
there is a 2011 Primary trend that can see the market continue towards 5093, by the 2nd Quarter
