SPI Futures Australian Stock Market 17th MAY 2012 Daily Recap

My Support zone is 4143/46...

Look for a (partial exit @ around 4164)

 and then a possible move towards 4207 by today's close.(5-day 50% levels)

SPI Monthly and Daily cycles

Market moved down into Support levels @ 4143/46, found support,


but it didn’t complete the move towards the Daily 50% levels @ 4207, instead stalling at 4173


Today's Support levels were 4143/46 :- MAY lows and 2nd quarterly 50% level
My view is that the SPI will find Support around these levels and begin to Rise up and move back towards 4231-54 over the coming days and then stall until the end of the month.

That's going to be helped by the S&P 500 finding support at its MAY lows @ 1315.50 tonight.


As mentioned a number of weeks ago, my view was that the Australian Stock Market would come back to these levels, and then continue higher

However, everything doesn't always go to plan, and that's because the S&P 500 might be searching for its own 2nd Quarterly 50% level @ 1249, if 1315.50 doesn’t hold.





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