S&P Monthly & Weekly
S&P completes the move into the February highs and will probably continue higher next week into the March highs.
Those March highs will complete a double monthly high pattern in the first Quarter, which in theory should be the top of the first Quarter.
The most robust patterns to be trading longs would be to see price come back down into the 3-month 50% levels in the 2nd Quarter and the upside targets will be the 3-Quarter highs in the 2nd Quarter.
There is a breakout of the Weekly highs @ 1121, which should extend upwards early next week (also 5-day high breakout). into 1148
Because of the 3-week breakout and the 3-week 50% level (green), at this stage I don't think the Month of March is going to be spending much time below those levels.
What we need to keep an eye on is how the S&P responds to 1148-52, because this will complete a break and extend pattern in the Weekly timeframe, and I would normally look for a retest of the break @ 1116-1121.
