S&P monthly and Weekly"At the start of next week I’m leaning towards a continuation down into Support levels, as part of Friday’s spike & resistance pattern, which often begins with the first 2-days moving down (2-day reversal)
If 'Support' doesn’t break on Tuesday (Wednesday trading below) then I would have to favour a higher weekly close thereafter.
Confirmed with a Daily ‘HOOK’ pattern back above the Weekly 50% level @ 1098 and a continuation towards the December highs"....Previous Weekly Report
This week's price action played out with the 2-day reversal on Monday and Tuesday, and then Thursday's break of 1098 (HOOK)
With the March contracts running at a discount to the current spot futures and next week's expiry, this can often push prices lower.
However, whilst the March 2010 contracts are trading above the 1098, the expectation is that that the trend will continue higher and follow the monthly dynamics into December highs.
