August 50% level @ 4457-67
Or whether 4422 pushes the market back down.
Trend guide 4404."
SPI Weekly and Daily range.
Early support @ 4404 set-up a move back into 4422, which then resulted in price moving above the 50% levels for the first time in a number of days, and has seen the trend continue towards higher highs on Tuesday.
Australian market continues to look well supported (above the Yearly 50% level @ 4295), as 3-week lows is often a robust swing low during the month, but it’s not a forgone conclusion that the trend will continue higher because price is still below key monthly and quarterly levels
At the moment we have a 2-day swing pattern from a lower Weekly open into resistance levels and a continuation of 3rd Quarter consolidation.
It’s now it’s up to the S&P to decide if the trend continues higher or not, as the S&P remains below key Weekly levels @ 1084.75
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