Therefore the levels to keep an eye on are:- 1369.50, the Weekly 50% level @ 1357.50, and lastly the Weekly lows (random support)..... Previous Weekly report
S&P 500 Weekly cycles
This week saw the S&P moved down into the Weekly lows, test the trailing Support levels @ 1338.50...
and then move towards a higher Weekly close by Friday.
Principles:- Whenever the market reverses down after a 2-month upward trend (January & February), but then reverses down to test trailing Support (Weekly lows)...
the trend will often continue to move up towards the monthly highs, and then proceed to new highs in the 2nd Quarter (April). This is what I call a text book pattern. (Principle)
Next Week:- trend guide is once again the Weekly level @ 1374.50
Random resistance @ 1384, but with the possibility that in the last week of the month the trend continues to move higher.
And lastly, anything below 1374.50, as part of a Friday' 5-day high resistance, is seen as a 2-day reversal pattern to start the week...
and then from Wednesday onwards, using the daily cycle patterns, we look to see whether the trend will push up towards 1384 by Friday next week.
