My overall view remains; a sideways consolidating pattern for the rest of the 4th quarter, along with swift short-term down moves of 2-3 days Previous Weekly Report
S&P Monthly and Weekly cycles
My view is that the S&P will remain consolidating during the current Quarter, or at least the next 2-weeks
That means remaining above the November 50% level and Weekly lows.
The first key level will be next week's level @ 1209.25 and whether the first 2-3 days has an upward bias towards the Weekly 50% level (random resistance)
Of course that can quickly change if the market is trading below key Support levels as shown in the Monthly chart....
because a rejection down from the Quarterly 50% levels (1274.50) can often extend towards lower lows in the following Quarter ( January 2012)
