SPI Monthly & Weekly cycles
The Australian Stock Market continues to trade above the 2013 Yearly highs, and remains above April Support levels @ 4904
There is a bias to continue higher, as financial Stocks (READ the Stock Report) show the same bullish signs, however the collapse on commodity prices & Resource stocks keeps a lid on the overall market rising.
Those Commodity prices are now around 2013 primary BUY zones, which can see a short-term rise in the last week of April and into the start of MAY, but then stall.
Therefore, the Australian market favours a rise, but when we look at most market reversal (DOWN) they happen in MAY, when the same Support levels break.
