move into the first Quarter 50% level @ 4295
Previous Weekly report
SPI Monthly and Weekly cycles
The Australian Stock market is moving up into the 1st quarterly 50% level @ 4295, which I see as resistance.
However, when we read the US index report, there is a potential 2-month wave pattern towards the February highs.
If the SPI is going to continue higher, then it's on the back of the S&P 500 moving towards 1356.
if the SPI is going to stall and reverse down...
then the S&P 500 will stall after completing of the break and extend pattern, and then begin to rotate down towards it's own February 50% level.
Either way, the Australian market counter-trend move upwards during the first Quarter is about to complete its first stage.
