Above and potential swing back towards 1293-1300, with the expectation the trend is continuing down"
Previous Weekly report
S&P Monthly and Weekly
My view was that the S&P would continue down towards the monthly lows because the market was trading below 1293 and the Yearly highs @ 1300.
1293 provided 3-days of resistance, along with 8.5 to 14 points of downward ranges, but without the follow through that I was expecting.
And everything changed with Thursday's daily close above the Weekly 50% level and also 1300.
Next Week:- In the short-term, whilst the market remains above 1300 the trend bias is to move upwards.
The S&P can continue to remain within a consolidation pattern around the Yearly highs @ 1300 and 1331, influenced by the levels in the Weekly range (White), until the start of April.
However, there are reports coming out that there are two large Macro Funds in the US that are now net long 250% on the S&P, therefore we can't discount the S&P following the monthly ranges once again (new highs by April)
Note:- If the market is once again below 1293/1300, then my view is that it will resume its move back down towards the monthly lows.
