However, there is also the single monthly breakout @ 1278 (RED), which could result in the price action extending up towards the new February highs, as part of a 2-month wave pattern during the 1st quarter.
S&P Weekly cycles
S&P is currently trading around the January highs @ 1314.
These resistance levels will disappear in two days time, and extend up towards the February highs. (potential 2-month wave pattern during the first quarter.
In the short-term, the focus should be trading the current break out pattern from 1278.
The completion of the Break and Extend pattern is around 1235.
Trend guide on whether price moves up or down in the first 2-3 days will be determined by the Weekly level @ 1314
