We have a December 50% level support pattern, which often suggests an extension upwards in the current month:- Target January highs @ 1314.
If the market follows the Weekly cycles upwards, then it might take a number of weeks to reach its target, as long as it remains above 1270...Previous Weekly report
S&P Weekly cycles
The previous 5-days has continued to follow the dynamic Weekly cycles remaining above 1270, as part of a move towards the January highs.
The upward trend is based on the higher timeframe December 50% level support pattern and extension towards the January highs @ 1314, whilst the Weekly highs act as random resistance zones. (8.5 to 14 points)
Same pattern for next week:- trend bias is to continue higher...
as long as it's above 1278-82.
Trailing support level is the Weekly 50% level @ 1269
Anything below the Weekly lows @ 1249, puts the current upward trend at RISK.
