"SPI closed below 4836 yesterday, which has put any reversal UP towards the Monthly 50% levels open to Risk.
However, 4836 is based on the close of the Weekly timeframe, if the SPI is able to close above 4836 on Friday, then my view still stands that price will rotate back into the monthly 50% levels.
Today:- 5801 is the lows from yesterday, and also the Spiral filter.... and in my opinion the critical level today...
It's simple.... trade on the side of 5801 today....
Keep in mind that price rotates and extends in trending markets, and we can see this in the US markets:- price rotates UP from the 5-day lows, and then continues down from 5-day 50% level"
SPI Weekly
SPI is trading around 4836.
Weekly Report 12th July 2008....
"I'm not expecting a major counter-trend move UP like what occurred in March this Year, my view is support forming around 4836 and remaining range bound below 5100 until the end of July, and if there is going to be a 'pop' upwards into the monthly 50% level, then there is more of a chance that higher prices would occur from August.
After a rotation into the Monthly 50% level, my view remains that the Aussie market is heading down into the Yearly lows @ 4538-82, which will be helped by Resource stocks namely BHP." 
SPI Daily and 5-day pattern
SPI rotates up from yesterday's lows and swings back into the 5-day 50% level and stalls....
- Daily Trading Set-ups & Analysis
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