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
S&P Monthly and Weekly cycles
Thursday's low matched the support levels @ 1352 and because of this, the expectation is that the trend is moving up towards 1396 and the March highs.
That expectation is valid as long as it remains above the Weekly level @ 1361.50
if below 1361.50 then the Weekly 50% level comes into play @ 1349.
Basically, the market may continue to consolidate above 1349 until the end of February ( next Wednesday)
There are two patterns to keep an eye on next week:-
Support @ 1349
and 1384 (2012 Yearly highs)
if price reaches 1384 in the first 3-days next week, but then begins trading below 1361.50 from Thursday onwards, there could be a push downward towards the Weekly lows and beyond. (breakout).....
as part of a rotation towards the March 50% level.
