AUSTRALIAN STOCK MARKET SPI FUTURES 28TH MARCH2020

SPI PRIMARY & WEEKLY CYCLES

Resistance below the 2020 lows and now breaking the 100% range at 5021.

I would read the US REPORT (S&P 500), to get a better idea, that even though it's below 5021, I'm expecting a counter-trend rally in April of 50% of the range from the Highs in January Highs and the new lows that will be set soon. 

http://usindexweekly.blogspot.com/

However, LONG TERMS BUYS REMAIN IN 1st QUARTER LOWS in 2021, as I'm expecting more weakness from JUNE.

THERE WAS A LARGE COUNTER-TREND RALLY IN THE S&P 500, AND THE AUSTRALIAN MARKET TRIED ITS BEST TO FOLLOW BUT DIDN'T HAVE THE SAME LEGS.

APRIL BEGINS NEXT WEEK, BUT I'M STRUGGLING TO SEE A 50% RETRACEMENT AFTER LAST WEEK'S PRICE ACTION

  WE CAN SEE THE BREAK AND EXTEND PATTERNS DOWN TOWARDS 4061 & 3855.

THERE'S STILL NO REASON TO BE BUYING INTO THE MARKET UNTIL 2021.

21st March 2020 Australian Stock Market SPI Futures

AUSTRALIAN STOCK MARKET SPI FUTURES 

PRIMARY & WEEKLY CYCLES

 Resistance next week around these 2 levels 5868 & the March lows @ 5980

They are predicting it's going to get worse over the next 4 weeks with a Peak around MAY June, therefore there is expected weakness into 2021 for long terms buys.

In the Short-term I would think a bit of A....

Resistance below the 2020 lows and now breaking the 100% range at 5021.

I would read the US REPORT (S&P 500), to get a better idea, that even though it's below 5021, I'm expecting a counter-trend rally in April of 50% of the range from the Highs in January Highs and the new lows that will be set soon. 

http://usindexweekly.blogspot.com/

However, LONG TERMS BUYS REMAIN IN 1st QUARTER LOWS in 2021, as I'm expecting more weakness from JUNE.

Australian Stock Market 14th March 2020 - SPI Futures

ASX Primary & Weekly Cycles

When we look at previous Bear Market sell offs, it can often go looking for the 100% of the range, which is 5012.

Once it reaches that point, it doesn't go much lower, in the current year.

5012 is Support for 2020, but it's not a BUY & HOLD level, that will come in 2021 (previous Report)

Australian Stock Market down into 5012 and support back into the 2020 lows @ 5883

Has all the bad news been factored in the market in the Short-term?

There's 3 potential price actions that may happen.

A. - remains below the 2020 lows & in between 5021

with resistance next week around these 2 levels 5868 & the March lows @ 5980

B. More short covering from 5525 up to 6120 - resistance

C: A lot of Short covering into the 2020 50% level over the next few week @ 6355 - a lot of resistance for more weakness into 2021

They are predicting it's going to get worse over the next 4 weeks with a Peak around MAY June, therefore there is expected weakness into 2021 for long terms buys.

In the Short-term I would think a bit of A, but I won't be surprise is there is B!

Australian Stock Market SPI Futures 10th March 2020

SPI Primary & Weekly Cycles

There should be support and short-covering this week.

It will be hard to see it going higher than the MARCH 50% level and February lows @ 6564  - Retest of the Break down - RESISTANCE.

At this stage there is no reason to be buying into the Market for BUY & HOLDS, otherthan short-term volatility on the upside into Resistance levels

Next Long Term buy is the 2021 Lows (PREVIOUS REPORT)

We saw a early support last week, but sadly it didn't reach the MARCH 50% level, unlike the S&P 500, which provided the perfect set-up for more downside

When we look at previous Bear Market sell offs, it can often go looking for the 100% of the range, which is 5012.

Once it reaches that point, it doesn't go much lower, in the current year.

Therefore, I would expect some support and around this level, but it might not get higher than 5749 for a number of weeks.

5012 is Support for 2020, but it's not a BUY & HOLD level, that will come in 2021