XJO 0.76% 7,403.7 s&p/asx 200

spi update

  1. 5,186 Posts.
    The upside momentum has slowed, with the market vulnerable to a retreat to test support at the 5267-80 region.

    Sup: 5344*,5315,5304,5280,5267*

    Res: 5377,5390,5409,5425,5433*

    On a short term basis the upside momentum has slowed and the market appears to have completed or is close to the completion of a five wave move from the 4950 September low.

    This is suggestive of a retreat that takes prices back to the 5267-80 region and potentially much further, depending on how the advance from the September low fits into the longer term structure.

    Weakness through support at 5344 would create a minor breakdown.

    Should prices continue to unfold higher in the near term, 5433 stands as important resistance.

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