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”
Weekly Report 12th July 2008
SPI Weekly
I mentioned a couple of weeks ago that my view on the SPI would
remain range bound between 5100 (June lows) and 4836 (July lows) for
the rest of this month.
And if there is going to be a ‘pop’ back up into the August 50% level
it was going to begin from August, and then the next trend downwards
to complete the 2008 lows.
With two days to go before the end of the month, I’m struggling to see
the market ‘poping’ up into August 50% level from next week, but
I can see the market down around the August lows.
I’ll be back into financials around those August lows once again looking
for the next 10-15% short-term counter-moves.
SPI Daily and 5-day pattern
SPI following the Weekly and 5-day pattern as it moves lower, (thrust from 50% level outwards) and the usual 44 point rotations intra-day....
I mentioned in the last Weekly report two set-ups, and if price is trading below 50% levels, then there is a good chance that SET-UP B is going to play out.
- Daily Trading Set-ups & Analysis
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