S&P 500 E-mini Futures 19th MAY 2012 Weekly report

Primary highs in 2012 have continued to form resistance in the S&P 500 resulting in the failure of the monthly 50% levels to hold support @ 1373... and by the look of it price will try and rotate back towards the 2nd Quarterly 50% levels @ 1249

The S&P has formed a tight 5-day pattern around the random support zone. This pattern is often seen as a NO CONTROL, when the open and close of the previous 5-days is in the middle of the range...

The Question now is which way will the market break, as often after a NO Control pattern the next 5-days trends in 1 direction.

S&P Monthly and Weekly cycles

The 'No Control Pattern' has seen the trend move in one direction:- higher Weekly open into a lower Weekly close.

This has also resulted in a MAY low breakout pattern @ 1315.50, which is likely to see the trend make its way towards the 2nd Quarterly 50% levels @ 1249.

That may happen this month (next 2-weeks)...

or next week's lows @ 1270 provides a minor swing pattern, as part of retesting the MAY breakout @ 1315.50..

and then the trend continues down into 1249 during the month of JUNE.