S&P Monthly and Weekly"After last week's price action I favour a continuation of the trend upwards, and towards the December highs.
Friday's reversal pattern off the lows now favours the probability of moving higher in the first 2-days. This will be verified by trading above the Weekly 50% levels, with a bias to move into the Weekly highs by Wednesday"....(Previous Weekly report)
Expected 2-day rise to begin the week playout with price reaching the Weekly highs by Wednesday and most likely continue towards the December highs next week.
The S&P 500 will complete the 4th Quarter target @ 1126 in the last week of the Quarter, and with the potential of continuing upwards in the first Quarter.
However, around those monthly highs in January I will be looking for any high probability patterns within the 5-day range to trade potential reversal pattern down towards the higher timeframe 50% levels.
