S&P Monthly & Weekly cycles
S&P can continue to move up towards the MARCH highs, however, I have a robust resistance zone around 1382-84 next week.
The move up into that level will be determined by the Weekly level @ 1369.75
I mentioned this in last week's report....
the market may continue to consolidate above 1349 until the end of February...
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.
Even though the market hasn't reached 1384, I still have view that there could be a move downward, before it continues higher...
Therefore the levels to keep an eye on are:- 1369.50, the Weekly 50% level @ 1357.50, and lastly anything below the Weekly lows (random support) is open to RISK of moving down towards 1311-13
Patterns in the 5-day cycles will hopefully provide set-ups that will take advantage of any potential weakness in the first week of March (next Week)
