The most robust pattern for any higher moves towards 1126 would be a choppy 5-day sideways pattern with the bias to drift down into the weekly 50% levels by next Friday...
And then continue higher the week after that using support"
Previous Weekly Report
SPI Monthly and WeeklyS&P 500 hits the Weekly highs and drifts down into a lower Friday close.
The question is now whether the S&P 500 continues upwards in December to complete the move @ 1126...
Or there is a similar pattern as October, and a last week reversal pattern down into the monthly 50% levels once again.
At this stage I'm treating the market as a reversal pattern until Tuesday.
If the market is going to go down then Monday should once again spike upwards but then drift back down into the same levels as Friday's lows.
If that happens then Tuesday could end up a trending down day and heading down as a mirror image of 4 weeks ago.
What about the move towards 1126?
If Tuesday continues down into 5-day lows, which will probably match the Weekly 50% level @ 1076 and price reverses off these levels and closes in the middle of the 5-day range....
Then my view is that markets remained supported with a bias to continue upwards into December.
