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
