Previous Weekly report
S&P500 Primary and Weekly
Last week began with a Sell off from the Weekly 50% level and a daily close below support levels and the Weekly lows @ 1299.
As noted in the previous weekly report, this pattern would normally have set up more weakness for a reversal pattern towards lower support levels in April @ 1247-57.
However, the following day followed a ‘fake-break’ pattern, which then rallied back towards the Weekly highs.
As we can see in the Primary cycle…(left chart)
The S&P 500 is once again trading around the upper Yearly level @ 1331, which has formed resistance during the months of February, March, & currently in April
The S&P may remain below this level, and once again try for another breakout pattern below the weekly lows for a move towards trailing support levels, as QE2 comes to an end
or last week’s price action and fake break pattern sees the trend continue towards the monthly highs in April & then MAY @ 1356-1365.
