S&P Monthly and Weekly
Once price began trading above 1337, the trend bias was to continue up into the April highs, and is now likely to continue up towards next week's highs, & also the highs in MAY...
There are two possible pattern early next week....
#1) next week starts with a 2-day reversal pattern (remains below 1365), and retests last week's breakout @ 1343-36, and then continues upwards from Wednesday towards this week's highs
#2) the trend continues up towards the Weekly highs by Monday, which is then seen as resistance...
if Monday hits 1375.50 and stalls, then I'll once again look for a reversal pattern back down into 1343-1346.
Trend guide & Random support 1343-1346
At this stage QE2 remains until the end of June, therefore it's likely to underpin the current trend...
therefore, unless it breaks out of the 5-day lows, and is also trading below the Weekly and monthly 50% level @ 1324.50, the trend bias remains stable.
