SPI Futures Australian Stock Market 27th October 2012

SPI Monthly & Weekly cycles

The Australian Market continues to consolidate above the October highs @ 4477, with an overall trend bias towards 4800 by year's end...

Next week is simply defined by the Weekly 50% level @ 4486...

#1) it continues higher for the next 5-days towards the November highs

or

#2) moves down into the Weekly lows, which matches the November 50% levels

SPI Futures Australian Stock Market 20th October 2012

SPI Primary & Weekly cycles

As mentioned a number of weeks ago in my Weekly Report, my view is that the Australian stock market is heading towards 4800+

This was helped by the change in the Weekly cycles (White) along with price trading above the Yearly 50% level.

Even though there was weakness in US markets on Friday, I'm not sure it's going continue much further down.

Therefore the Weekly level @4505 will determine whether there's more upside during the 4th Quarter of 2012.

SPI Futures Australian Stock Market 13th October 2012

SPI Monthly & Weekly cycles

The Australian market continues to Hover around the October highs:- Random resistance,

Whilst US markets come under selling pressure, the Australian market has done well to remain at these levels.

The overall trend bias is UP towards 4800+, but that will depend on how well US markets find support around their own October 50% levels (READ US Index report)

If the SPI is below 4468 next week, the expectation is that it's coming back down towards the Weekly 50% level.

With long term support around 4272 to 4232

SPI Futures Australian Stock 6th October 2012

4389 is a major Primary trend line, and whilst this week has closed above it, along with bullish patterns appearing in Resource stocks...

The Trend bias on the Aussie stock market is to continue to trend towards 4800+

SPI Monthly & Weekly cycles

The SPI didn't move down into Support, instead it rose up from the Weekly 50% level breaking out of the Weekly highs @ 4428

Once that occurred, the trend bias was to continue higher and  follow the break-n-extend pattern up towards next week's highs.

The long term pattern is to continue up into 4800+ as mentioned 3 weeks ago.

The Short-term pattern is based on the October highs @ 4477.

If below that, then there is the expectation that price is refilling the breakout pattern and retest 4428