SPI Monthly and WeeklyAt the moment I'm treating the Aussie Market using orderly patterns with an upward bias in MARCH and APRIL.
The view is that most stocks have reversed down from their February highs (double monthly highs) and found support.
This would normally see the 3rd month continue up towards the following Quarterly highs in April, as part of a larger trend towards 5093, as previously mentioned
In the short-term, there is a gap at 4807, which matches critical levels in the SPI....
the Weekly level and the March 50% level @ 4806-07
Once again, my view of the trend moving higher is going to be determined by the price action in US markets, as was the case last week, when we saw early weakness in the S&P 500 during the first 2-days, as the market reversed down into critical support levels.
Unless the S&P 500 is trading below 1300 (& March 50% level), and the SPI is below 4807, then the trend is remains stable.
This stability is now based on US markets.
READ US Index report
