Those levels are 1331, 1339 & 1347
S&P Monthly and WeeklyThe past 5-days saw the market hit two of those resistance levels:- 1331 & 1339.
the first resistance level provided a 8.5 point reversal.
The 2nd resistance level at the Weekly highs stalled the market for nearly 2 days, until late after hours buying pushed the futures market higher on Friday.
And Monday should hit the 3rd resistance level @ 1347.
Next Week:-
1347 is still seen as resistance, but the trend could also continue higher towards next week's highs @ 1357.
Once again I'd look for weakness of 8.5 to 14 points towards the Weekly levels @ 1329.
1329/31 will be the trend guide for the rest of the current month of February, as it will help define whether the trend remains above monthly highs, and then continues towards higher highs in March...
or there is short-term weakness back down into traling support levels (Weekly lows)
S&P Primary cycle and monthly range
If February remains supported above 1329/31 and continues to trend upwards in an orderly manner within the weekly range...
The upside target during 2011, will be 1429
Note:- all larger timeframe patterns are always validated with lesser known timeframe patterns to help find trades, whether shorting resistance or trading support within the daily range.
