or whether the trend continues up towards 4772.
SPI Weekly and Daily range
Today's higher open completed the swing into the Weekly 50% level and remained above it, pushing upwards into 4772.
As pointed out in the Weekly report, I would treat this reversal pattern as hitting resistance and then continuing lower, towards a double monthly low pattern April.
The current price action is a retest of last week’s breakout of the Weekly lows @ 4772 and also the Monthly 50% level.
However, the price action in the S&P 500 on Thursday (last night) suggests more gains towards the Weekly highs @ 1328, and if that happens it's going to drag the Australian market higher in the short-term.....
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