trend guide 4735
resistance 4764
SPI Weekly and daily range
The SPI was either going to rise up from 4735 and hit resistance @ 4764 and then reverse down..
or it was going to continue down into the January 50% level @ 4703.
As per Weekly report, 4703 is a critical support level during this Quarter, and my expectation is that the SPI will continue higher.
However, as per US market report, I'm looking for the same pattern in the S&P 500...
if US markets follow the same pattern down into their 3-week lows, then the Australian market will be below critical support levels.
Like all good support levels, it is often based on the Friday close and the following week, as to whether the market continues upwards from a lower weekly open...
or Friday closes below and continues lower, as the S&P moves down into their own support levels.
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