Aussie Index (SPI) 21st MAY 2011 Weekly

find support above the 2nd Quarterly 50% level @ 4649, and then make a gradual rise in the last week of MAY.

I would continue to use the Weekly levels as resistance/Trend guide:- 4738

SPI Monthly and Weekly

Last week saw the SPI find support @ the 2nd Quarter 50% level @ 4649 and rotate up towards the MAY 50% level and stall.

As noted in last week's report...

if the last week in MAY is going to rise up gradually, then it's going to remain inside the Weekly level @ 4703, and then push up towards the Weekly 50% level, and as high as 4826

4703 will also decide on whether the price action in MAY and the failure at the monthly 50% level will push the SPI towards the Monthly lows in June

I favour a rise upwards, as the market is acting in a predictable manner

But the market is never 100% reliable, especially if the S&P follows a double Weekly low pattern (Read US report)