S&P Primary & Weekly cycles
As noted in the last report, the Weekly 50% level is helping drive the short-term patterns, with a trend bias to move towards the Support levels in the Primary cycles:- 1504-1524
The Market remains above the 2013 highs, therefore the Primary cycles remain bullish, and current price action is seen as a pull back into Support, with the expectation it's going to continue higher into 2014.
Therefore, next week's 50% level will define whether the trend continues down, or not
