(Last Week's Report)
S&P Monthly and Weekly cycles
August lows @ 1115 continues to support the trend, resulting in the market rotating back towards the Weekly 50% level @ 1177, which formed resistance.
Next Week:- the S&P could move back down into the Weekly 50% level @ 1148, but my hunch is that price continues to move up towards the Weekly highs, which are seen as resistance.
Once the next 5-days are over, then the week after next will let us know whether the trend follows the September low pattern using the Monthly 50% level as the trend guide.
If that happens then my bet is that Obama will announce QE3 somewhere around those September lows and 1045, which will underpin the trend for the rest of 2011
