S&P 500 E-mini Futures 26th November 2011 Weekly Report

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, because a rejection down from the Quarterly 50% levels (1274.50) can often extend towards lower lows in the following Quarter  (January 2012) 

Previous Weekly Report

S&P Monthly and Weekly cycles

My view was that the Markets would remain consolidating until December...

but that quickly changed with this week opening below 1209, and continued with a breakout of the Weekly lows @ 1196.

A breakout of the Weekly lows will normally extend towards next week's lows @ 1128 (random support)

And possibly extend towards the December lows, as part of the push from the 4th quarterly 50% level @ 1274.50

1189-1196 resistance