That might still happen next week, therefore it's a simple case of trading on the side of the Weekly 50% level
Previous Weekly report
S&P Monthly and Weekly
The S&P has reversed back into the March 50% levels and found support, with Fridays' reversal up from the daily lows, which matched 1283.50
There are two possible patterns that could play out for the rest of
the first Quarter and the month of March
#1) We have seen the market move down in an orderly fashion towards
the March 50% level, which forms support and then continues higher towards the 2nd quarter highs in April
#2) If the Market closes below the March 50% level and Yearly highs @ 1300, then there is a possible reversal trend towards lower support.
If #2 occurs then we could see the market trading back around
1210, helped by the events in the Middle East and also the rising
price of OIL.
