S&P Primary cycles
As mentioned in the previous report, with the S&P trading back above 1970 the bias is to remain up and follow another break and extend pattern towards the 2015 highs.
Targets at 2133 (2015 highs), and potentially as high as 2177.
Once it reaches those highs we've basically trended upwards from the 2009 lows for nearly 6 years without a major pullback, and a large number of well-known punters (ie George Soros) are already taking out large PUT option orders with the expectation that US markets will reverse.
However, as the US FED continues to print and pump money into the markets, then the bias is to continue to push upwards.
S&P Primary & Weekly cycles.
Short-term trend is defined by the Weekly 50% level @ 2032.
Whilst the January 50% level is the support zone in the current Quarter.
