SPI futures Australian Stock Market Report 21st January 2012

SPI Monthly and Weekly cycles

Trend bias is to follow the Weekly cycles upwards, and complete the move into the first Quarter 50% level @ 4295

The move towards 4295 will be helped or hindered by the price action in US markets over the next 5-days (Read US Index report)

If there is any weakness over the next 5-days, my view is that the trend will then push upwards once again at the start of the new month and continue towards the new February highs, as part of a 2-month wave pattern during the first Quarter.

Note:- 4295 remains my resistance zone for the first quarter
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