S&P Monthly and Weekly S&P has remained above the Weekly level @ 1322 forming a 'no control' 5-day pattern
A 'No control' pattern is when the trading range closes near where it opens, mostly in the middle.
When this happens the following week will often extend outward over the next 5-days. (trending)
Because the trend is above the monthly 50% levels, that move could be up, if the market is trading above 1331...
However, I favour the initial move being down and back towards the monthly 50% level in April.
That 50% level around 1304-1305 is a critical support level...
And at this stage I haven't factored in the S&P moving down into the lower 2nd Quarter support levels @ 1246-54.....
But it can happen
