SPI Report 26th November

SPI completes rotation into major support around November 50% level @ 6363, and this is also the 2007 Yearly high. Whilst price remains above the higher timeframe 50% levels, then the expectation is that the Australian market will move higher in 2008 towards the upper levels using Yearly timeframe dynamics.

There are two major support levels:- 2007 Yearly high breakout, confirmed with the November 50% level. The current price action at this stage confirms major support around November 50% levels, and often this provides the next 2-month Upward wave pattern.

Short-term:- Expectation is upward next week:- lower weekly closed followed by price rising from a lower weekly open using higher timeframe support. (Weekly report)

9.00am

Today:- Risk 6437

Even though the expectation is for the market to move higher this week, today the SPI will open higher which also aligns with Dilernia-Pivot tops and the 5-day 50% level, so buying these highs today is open to risk.

When we look at most upmoves, they are occuring on Tuesday, after push lower on Monday. Best longs will normally come around a R44 spiral point low or Tuesday....

With the higher open, Upper Dilernia Pivots, and 5-day 50% level, I won't be Buying the open.