S&P Monthly and Weekly cycles
My view last week was that 1352-54 would act as resistance and continue down towards the Weekly lows over the coming weeks.
Everything looked like it was going to play out accordingly when Wednesday closed below the Weekly level @ 1342.50
However, positive US Jobs & housing reports on Thursday sent the S&P back towards the Weekly highs.
The rest of this month is now based on 1352-54
if below my view remains intact, of the market rotating downward...
but whilst above, the market could be following the monthly cycle up towards 1396, by the end of the February, early March.
