SPI Futures Australian Stock Market 17th March 2012 Weekly report

My view is that the trend will continue to move upwards over the coming weeks, and that will be decided by next week's 50% level @ 4229.

A continuation upwards will be helped by potential UPward patterns in US markets (Read S&P 500 Weekly report)  Previous Weekly report

SPI Monthly & Weekly cycles

The SPI is likely to follow the Weekly cycles and move towards next Week's highs, helped by the Weekly close above the Quarterly 50% level @ 4292.

Any further gains over the next 2-weeks will be towards the MARCH highs @ 4385

Note:- if the market is trading below 4300 (4292) the likely scenario is a close of gap (Tuesday's highs)

Weekly 50% level Support