S&P 500 E-mini Fuutres 5th November 2011 Weekly Report

For those looking at the larger timeframe patterns, the trend bias will be based on the 4th quarterly 50% level @ 1274, as it will dictate whether the trend remains bullish, or rotates back down into the November 50% levels.

Previous Weekly Report

S&P Monthly and Weekly

Last Week I was looking for the S&P to move up into the Weekly highs @ 1308, but then reverse back down.

However, Monday opened below the 4th Quarterly 50% level  @ 1274, and proceeded to move down into the Weekly 50% levels & November 50% level.

Next Week:- Whilst the S&P remains above the November 50% level, the trend bias is up towards the November highs,  but the position of the 4th Quarterly 50% level @ 1274 could continue to act as resistance over the next 5-days.

At this point , my view is that the S&P will remain supported, & continue to consolidate with an upward bias.

Weekly 50% level @ 1236 is the trend guide

Trend remains stable unless it's trading below the Weekly lows @ 1190