S&P 500 E-mini Futures 28th February 2016

S&P 500 Primary & Weekly cycles

 

S&P has remained above the 2016 support levels without giving a clean indication as to whether the trend will continue higher for the rest of the year because of the lagging effect of the 'Break & Extend Pattern.

 

In the Short-tern (Next 4 weeks) keep an eye on the trends and set-ups within the Weekly cycles.

We can see in the chart of the right, the zig-zag patterns within each weekly 5-day cycle, as the market moves higher

 

Note:- If price continues up over the next 5-days price will hit the 2016 50% level, which is seen as a Robust resistance level:- 2000-2006

 

 

S&P 500 E-mini Futures 10th February 2016 part 2

S&P 500 Primary & Weekly Cycles

 

As noted in the previous report, the February 50% level would define the strength of the bounce in January. (dead cat)

 

We have another Break & Extend pattern playing out, with two possible patterns...

 

1. support around the 2016 lows for the next 6 weeks until March.

 

2. follows the break and extend pattern downward into March approx. 1740