S&P 500 E-mini Futures 24th February 2013

S&P Weekly cycles

Breakout of the January highs completed the break-n-extend pattern in the February highs @ 1530

Current price action and Support around the Weekly lows on Thursday now sets up the S&P to continue to move upwards and follow the montlhy cycles in March:- higher highs.

There is a random resistance level around 1521, and if it fails to break that level for the next 5-days, then early in March there could be a short & swift move down into 1474, as part of retesting the January highs...

and then the trend should continue to move upwards for the rest of 2013.

S&P 500 E-mini Futures 16th February 2013

S&P 500 Monthly & Weekly cycles

S&P trading around Random Resistance @ 1520....

I still have the view that it will retest the trailing Support:- first target Weekly lows...

but anything above 1520 next week and it will continue to climb towards the February highs @ 1531-1557 

S&P 500 9th February 2013 Weekly Report

Monthly & Weekly cycles

Random Resistance around 1520/21

with the Expectation that US markets will retest the January high breakouts, which are matched with the Weekly lows (1474/81) Support

S&P 500 E-mini Futures 3rd January 2013

S&P Monthly & Weekly cycles

My view last week was for the market to move back down into the 5-day lows and then continue towards the February highs.

The S&P formed resistance early in the week, but it failed to reach those 5-day lows even after not-so-great Job numbers on Friday

If it  does continue to trend up towards the February highs @ 1530-1557, it will need to move above the random Resistance zone @1520

Whilst trailing 1st Quarter Support is @ 1455