S&P Monthly and WeeklyResistance on the S&P 1152 & 1159...
I'd be surprised to see the S&P higher than 1159 this month" ... Thursday's report
S&P has completed the move into the March highs and I would begin tolook for a short-term pullback towards the higher timeframe 50% levelsfrom next week.
I'm favouring higher prices in the 2nd Quarter, but because of Friday's spike into 1159 and the Weekly close below 1152,
I feel the 'top' in March has been reached and a rotation pattern will begin.
S&P Weekly and 5-day patternWith Friday's pattern I would begin to look for a 2-day pullback towards the Weekly 50% level @ 1131.
Next week we are trading June contracts and June is opening below support levels on Monday (yellow) with an expectation that price is moving down towards the 5-day lows that match the weekly 50% level.
Any UP trend will continue up from the Weekly 50% level, but that needs to be verified only after the 2-day reversal completes.
If Tuesday breaks support (Weekly 50% level) then we begin to focus on the Monthly 50% levels as a pullback.
