Target today 4651 (as high as 4675)
Trend guide 4594.
SPI Weekly and Daily range
My view was that the SPI would rise upwards from 4565 (yesterday’s lows) and retest last week's breakout, but then move back down into April's lows, as per weekly report
Today's trend guide @ 4594 was the support level, but that failed after rising
21 points, and now the market has continued down into Tuesdays' lows, and likely to continue down towards 4442 (Yearly 50% level).
The Upswing from 4565 was dependant on the S&P 500 holding support, but support failed during globex hours today sending the S&P lower and the SPI followed.
Whilst the S&P is below those support levels, my view is that the trend will continue down towards the MARCH lows, as part of a larger reversal pattern.
The SPI is now heading down into the lower level @ 4442, as per Weekly report, however if the S&P continues down into 1210, the SPI is likely to push through that level and ‘spike’ lower towards 4331
If that occurs, then 4331 is seen as a support zone, for a swing back towards the April 50% level, which is then seen as resistance zone at the start of the following month.
Note:- At this stage traders should treat the Aussie market as a reversal trend during the 3rd month of the quarter that is extending down towards lower lows in April.
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