S&P/ASX is still moving around 4400 range but the higher low it made this week around 4350 was encouraging. So in coming week it has stronger chance to cross 4400 level and that is expected to be in middle days. For any new investments, it is better to wait for confirmation about the up moves.
During past 12-14 months S&P/ASX is making lower lows which also support the up moves. In the upside 4500 is the initial resistance and the bigger one is at 4600 level. In the medium term basis it has created a bullish pattern though it is not 100% accurate but if that pattern is true then S&P/ASX may go up to 4800 in coming future.
Now if S&P/ASX cannot break 4400 level then there is a good chance that it may create a very short-term bearish pattern which may take S&P/ASX below 4300 level, here it has initial support at around 4350 ranges. S&P/ASX has a chance of making another bearish pattern if it tests below 4300 level in the downside but it may not be a straight one.
NOTE: Please see the disclaimer of this blog.