Previous Weekly Report
SPI Primary & Secondary cycles.
Market Top @ 5006 on Monday, and expectation that the reversal pattern would occur is currently playing out
Even though I have a view that the trend bias is up towards 5093 to 5139, that’s more likely going to happen after there's a reversal pattern down from these April highs.
There are two possible patterns, and that will depend if the S&P holds support levels (above 1300-1304).
If it does hold support, then I’ll look for the next push upwards from MAY, as the market ‘chops’ around for the next 3-weeks (SET-UP B)
If it doesn’t hold support, and the S&P moves back down towards 1247-54, then the SPI can makes its way back towards 2nd Quarter Support (SET-UP C)
Next Week:- At this stage I’d treat the Aussie market as consolidating within the Weekly levels, using the Weekly 50% level as support.
And keep an eye on if there's a daily close below 1299 in the S&P500
