S&P 500 Primary Cycles 2016
The start of the new year brings in the new Primary Cycles for 2016.
US markets aren't showing the same bear trend as the Australian Market, which is being heavily weighed down because of the bear trends in commodity prices.
The S&P 500 remains in a Bull Trend, as long as it remains above the 2016 50% level level.
Therefore 1992-2000 is a major support zone.
Note:- there is still a Minor bear pattern that is lagging from the August breakout @ 2027.
If we subscribe to the Dilernia Principle of Break & Extend pattern, then price trend needs to reach the lagging Monthly support zone, which currently resides around 1921 (blue).
Therefore even though it might not fall below the 2016 Support zones (1992-2000), the next up leg in US markets might not begin some months from now, as that Monthly Support zone dynamically creep upwards.
