S&P 500 E-mini Futures 28th July 2012

S&P 500 Monthly and Weekly cycles.

Weekly low support @ 1323 has resulted in a weekly close above 1375.

My view is that the S&P 500 will continue to trend upwards for the next 5-days, and then push higher into the august highs.

Note:- If Monday opens much higher, and reaches the Weekly highs @ 1395 in early trading, then this can often provide traders with a short-term 'sell' pattern of 14 points

1375 will then be seen as Support for the rest of next Week

S&P 500 E-mini Futures 21st July 2012

S&P 500 Monthly and Weekly cycles

Next Week's 50% level (Support), will determine whether the trend continue upwards for the next 2-weeks into the August highs...

Which will likely stall the market once again.

S&P 500 E-mini Futures 14th July 2012

S&P 500 Monthly and Weekly cycles

Primary trend remain bullish in the S&P, as long as its trading above the Quarterly 50% levels; 3rd Quarter @ 1303.50

However, the current price action suggest more sideways zig-zag patterns within the Weekly levels...

and we should then look for the possibility of a last week of July upward move, as price extends towards the August (RED Monthly level), and then more consolidation after that.

S&P 500 E-mini Futures 7th July 2012

S&P Monthly and Weekly cycles

July 50% level Support on Friday @ 1346 could see the trend continue upwards until August/ September.

However, if the S&P 500 is trading below next week's 50% level @ 1342..

Then the trend bias is to re-visit the 3rd quarterly 50% level @ 1303.50

S&P 500 E-mini Futures 30th June 2012

1354 acted as resistance... as price goes searching for the 3rd Quarterly 50% level @ 1300

That level (1300)  from the first of July is critical as the trend is either going to rise upwards once again..( or not)

S&P Monthly and Weekly cycles

1354 ended up pushing the S&P back down into 1300, which has resulted in the trend rising upwards once again, 5-days eariler than expected.

Next Week:- Whilst price is above the July 50% level, the trend bias is UP.

1375 is seen as random resistance.

if below 1346, the trend will go looking for the 3-Quarterly 50% level @ 1303 (support)

Anything below 1303, and the S&P will struggle to rise higher for the rest of 2012.