Australian Market (SPI Futures)As pointed out a couple of weeks ago, it's too early to get comfortable with current support levels, as the lesser timeframes continue to have bearish patterns in June.
The Australian Market continues to remain supported above theYearly 50% level @ 4296, and may do so for the rest of 2010 into 2011( large consolidating pattern over the next 2 Quarters)
However, it's the S&P that's my concern.If the S&P follows the move towards 969 in the 3rd quarter, it will put the Aussie market around 340 and that would bottom out the market.
I'm not saying it will go that low, but is a possibility simply based on the S&P patterns.
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