SPI Monthly and Weekly cycles
US markets have showed more strength this week, whilst the Australian Market has struggled to rise higher than the 4th Quarterly level @ 4297, as resource stocks weigh down the market.
That may continue next week, if the SPI is trading below the Weekly level @ 4218...
as price will likely drift back down towards the Weekly 50% level and October 50% level (support)
Above 4218 and the trend bias is to follow the Weekly cycles...
As noted in last week's report...
keep an open mind that if the S&P 500 (US markets) continues up towards 1274... the Australian market could be around 4519 during November.
