S&P Monthly and Weekly
Last week I had the view that the S&P would continue down, with a minimum move down towards the February 50% level.
Instead we had a rally from the Weekly lows towards new highs.
There were a few important patterns occurring last week that suggested more upside
#1 Monday closed back above the Weekly 50% level
#2 Monthly resistance levels in January disappeared and shifted higher in February.
#3 Daily close above the Weekly highs.
Next Week:-
Expectation that the trend is following the Weekly trend towards the February highs, and a double weekly high pattern
1316 is seen as resistance
if the market is below 1304, then we look for Short-term weakness back down into the February 50% level @ 1263
Note:-
As we can in the monthly charts, there is still the possibility that the trend during the first Quarter continues towards 1331
