S&P Monthly and Weekly cycles
As mentioned in the last report 4 weeks ago....
My view is that
there's more chance that the S&P will continue higher in the last week of
April & into the start of MAY:- HIGHER HIGHS. if I'm right, it
should remain above 1571....
It did remain above 1571 in the last week of April, and then made a play for the MAY highs, which didn't form resistance in the way it normally does. Often the Monthly trend will fail to make more gains above the cycle highs (1658).
Keep an eye on the next 5-day as the market completes the MAY cycle and moves into the June cycle and a shift in Support levels...
Therefore the trend guide is going to be defined by the Weekly 50% level @ 1640
