The trend guide is 1265.25, which will determine whether the S&P continues up towards the January highs @ 1280
How far Tuesday/Wednesday travels will determine whether price continues towards the January and then February highs.....
Previous Weekly report
S&P Weekly and Daily range
S&P has continued up towards January's highs @ 1280, with Tuesday providing support above 1265.25, and then Wednesday providing the change in the intra-day cycle for a trending pattern upwards, using the daily 50% level and daily channel high @ 1269
Wednesday's trading range resulted in a breakout of the 5-day high, which often extends upwards into the following daily highs:- break and extend pattern.
As seen with Friday's price action of testing the 50% level and daily channel high once again @ 1274.50
Next Week The market can continue to trend up towards the Weekly highs (Monday's highs)
If the market is below 1291.75, then I'm treating the S&P as part of a 2-day reversal pattern back towards the Weekly level @ 1277.
S&P Primary and Secondary cycles
My preferred pattern has always been a retest of the Weekly lows during late December early January (buy the dips), as seen with the Australian Market this week, however that hasn't happened.
We begin nearing the top levels in the Primary cycles from next week.
