S&P 500 Primary and Weekly cycles
Primary highs in 2012 have continued to form resistance in the S&P 500...
Resulting in the Failure of the montlhy 50% levels to hold support @ 1373...
and by the look of it, will try and rotate back towards the 2nd or 3rd Quarterly 50% levels, as trailing support.
Short-term:- Random Support is the area of interest for traders that believe that the S&P will continue to remain within an upward trend and consolidate.
Random support is also the area of interest for those traders that believe that the 2012 Primary cycle highs will push the trend lower, as is often the case when the month of MAY rolls around.
That move lower could be gradual, as it unwinds over the next 2-months with a downward bias into the start of the 3rd quarter.
or it could be swift and sharp, down into 1245 (support)
