Australian Stock Market SPI futures 26th November 2011 Weekly Report

Next week's levels @ 4164-72, will provide enough information whether the market continues to trade between the Weekly levels (consolidation) or whether the downtrend continues.

as it won't take much for the market to be trading below the November 50% levels, putting more pressure on the market. 

Previous Weekly Report

SPI Monthly and Weekly cycles

Monday failed to remain above support levels (November 50% level @ 4164), as the S&P 500 opened below it's own support levels on Monday. (read US Index report)

The breakout of the Weekly lows @ 4102 will normally extend towards next week's lows @ 3919

 Note:- My view is that price will retest last week's breakout @ 4102..

That means it could move down into next week's lows @ 3919  and then swing upwards, which will align with the December 50% levels, and further resistance.

 But, if  early next week rises upward (3-day rise), then those Weekly lows @ 4102 and the Weekly level @ 4125 are seen as resistance. 

Based on current price action my expectation is that it will then extend down towards the December lows.