However, the price action in the S&P 500 on Thursday suggests more gains, which can push the Aussie market higher in the short-term, if it begins trading above 4804. .
Previous Weekly report.
SPI Yearly and Weekly
As mentioned in last week’s report, it was the price action in the S&P that was showing signs of dragging the Australian market higher, and once above 4804 the trend followed the Weekly highs.
Next Week….
It looks like the SPI will continue to follow the double Weekly high pattern and towards the April highs.
However, based on the price action on Friday, we could begin with a 2-day reversal back down towards the Weekly level @ 4813
Our overall target for 2011 remains 5093, and as high as 5139
