S&P 500 20th October 2012 Weekly Report

S&P 500 Monthly & Weekly cycles

Whilst the S&P remains above the October 50% level @ 1416.50 the trend bias remains stable even with Friday's price action.

There wasn't a breakout of Friday's lows within the Daily cycle to suggest there's going to be more weakness on Monday...

Therefore the Weekly level @ 1420.25 comes into play as 'Random Support'