However, it might take a number of weeks to get to that level, as I believe the market will move back and trade once again within the Weekly ranges :- Orderly patterns.
Previous Weekly report
S&P Monthly and Weekly range
S&P has moved once again within the Weekly ranges (orderly patterns) and looks to be moving back towards the major support levels around 1182.
Higher Weekly open and trading below 1217.50 put pressure on the S&P to move towards a lower Weekly close, also helped by the Dilernia Drop in the forward Weekly timeframe (the trader trading book)
If the trend in the S&P 500 is going to continue towards 1255, then 1182 needs to hold support over the coming week or so
In the short-term (next week) we use the weekly levels in deciding which direction the market will go
Next week begins a new week from a lower Weekly open and around the Weekly 50% level, which can see the trend swing back towards the highs...
or drift down towards the Weekly lows:- support
