If the market stalls @ 1331, and is once again trading below the Weekly 50% level, then traders need to keep an eye on the lower Weekly level @ 1304.
If the market begins trading below 1300-1304 , then I'll be looking for more weakness.
Previous Weekly report
S&P Monthly and Weekly
Last week saw an early sell off from 1331 back down into the support levels of 1300-1304.
However, Wednesday closed back above 1304, which resulted in the S&P moving into a consolidating 5-day range that closed near the Weekly 50% level
February's highs were a continuation of the resistance levels, which once again saw Friday sell down from 1331, but those levels disappear and push upwards next week, with a likely trend towards the MARCH highs.What normally happens during each quarterly cycle after a double monthly high pattern (February), is that the trend will revisit the monthly 50% level and then continue higher, as seen in the Aussie market this week.
That might still happen next week, therefore it's a simple case of trading on the side of the Weekly 50% level, and looking for patterns within the daily range for 8.5 to 14 point ranges.
Note:- the S&P is trading around the 2011 highs in the Primary cycle.
Traders need to be aware of any market action below 1300, and especially the monthly 50% level, as this can often put pressure on the market to revisit the lower support levels in the first quarter
