S&P 500 Weekly 26th September 2009

S&P Monthly and Weekly

Last week's view was that price would rise up early in the first two day and then 1073 would play a major resistance role.

As per the Premium Report, there was the view that Wednesday's 5-day pattern set-up would reverse back down into the Weekly 50% levels and a lower Friday close.

There is also an expectation that 1038 in the S&P is a critical support level.

Based on the current price action I'm favouring a lower Weekly open with the bias to move upwards over the next 2-days.

At this stage I'm leaning to higher highs in October, but in the short-term I want to see where Wednesday closes (end of September).

At this stage I'm not convinced that the 4th Quarter will continue to move upwards of the next 3-months, but if it does it needs to begin to consolidate above 1073.

S&P 500 Weekly 19th September 2009

S&P Weekly

Last Week's view was a 2-day pullback into support from the previous Weekly highs (Friday)

This was completed Quicker than expected with the lower open and Monday support, and then the expected UP move towards the September highs.

The S&P is trading around the Weekly highs again, however this time I'm not so sure there will be an early Weekly pullback (unless price is below the 5-day 50% level).

S&P could push upwards early next week into Tuesday's highs, but things get interesting around these levels...

The S&P has moved into the 3 year 50% level @ 1073...

The S&P isn't in a new bull market, this price action is simply a reversal into last year's breakout, and the S&P would need to begin to trade and consolidate above 1073 to get comfortable that any UP trend will continue

The 4th Quarter pattern can see the S&P around 1139 in November-December this year...

But don't be surprised if the S&P is lower in 2010.....

Therefore the interesting pattern from next week is how the S&P is trading in relation to 1073 coming into the end of the 3rd Quarter and the start of October

In the short term support is 1038

S&P 500 Weekly 12th September 2009

S&P Monthly

US markets continue to rise within each month timeframe.

My preferred option was for August to hit 1038 and reverse down into the 50% levels and then continue higher in the 4th Quarter towards the 4th Quarter highs.

Instead price continues to push upwards as each monthly close is above the monthly highs in July and August.


S&P Weekly


The previous Week saw the S&P reverse down from 1038 and trading below support with the expectation price would continue down into the September 50% level...

However, with last Friday's close back above 1012, there was a high probability pattern that price would move towards 1041 this week...


Next week:- I would have to think there will be higher prices in September, but I'm looking for a 2-day reversal to begin the week from Friday's highs.

S&P 5-day pattern

S&P DOW Weekly 5th September 2009

S&P 500 Monthly

Once S&P had reached 1038, there is an expectation that this level will form a resistance zone for a number of weeks.

I do have a view of higher prices in the 4th Quarter, but for the most robust pattern would be for price to continue to move sideways until October and then continue upwards in October.

Once those 4th Quarter highs are reached, then I won't have another view until 2010.

1038 resistance until October

And those 4th Quarter highs my targets 1090+


DOW S&P Weekly

With this week's higher Weekly open and '2-day' sell pattern resulting in a break and close below the Weekly 50% level on Tuesday, my view was for a continuation down into the September 50% level.

Instead Friday has closed in the middle of the range.

Next Week:- Monday looks like pushing upwards into the 5-day highs, which could see the S&P near 1038 once again....

However I'm treating September as sideways pattern with Weekly timeframe rotations until October and the 4th Quarter.