However, in the short-term the S&P 500 can continue to consolidate between the Weekly levels until the start of December.
Previous Weekly Report
S&P 500 (Futures)
S&P continues to consolidate around 1182 in the 4th Quarter and remain within the Weekly levels.
There is a Dilernia Drop in the forward monthly timeframe, therefore there is a bias to continue lower in the current month, which may move down towards the November levels @ 1161.25
However, the most likely outcome is the S&P continuing to consolidate over the new few days until the start of December.
If the S&P is going to continue upwards, then the most robust support level will be the levels in December and a push up towards higher highs in the first quarter
Bearish pattern would be anything below the December 50% levels, as the market would be rotating back towards the 2011 Yearly 50% levels (Primary cycle)
