This will be resistance zone, that can send the market back downward
into the lows once again (April)
I would normally associate the current price action with another retest of the monthly lows in April, thus forming a double bottom before the market has the potential to move upwards "
SPI Monthly and Weekly
The SPI moved down into higher timeframe support levels @ 4565, but it took until Friday for the market to begin its swing upwards, as part of a move to retest last week's breakout of the Weekly lows
Next Week's trend guide is the Weekly level @ 4646.
Potential swing is towards the Weekly 50% level @ 4740 to 4772.
Note;- as mentioned in the previous Weekly report, there is the possibility that the market moves back down into April's lows using the April 50% level as the trend guide.
If the market struggles to rise upwards over the next 2-weeks, and using the higher timeframes 50% levels as a trend guide, we could see the market back around 4330.
Any weakness in the Australian market towards those lows will be influenced by continued weakness in the S&P 500
The Quarterly 50% levels (Yellow) are the critical support levels in the secondary cycles in the market
