S&P 500 E-mini Primary & Weekly Cycles
We've seen the S&P move up to 2300 in January and it now looks like
the Market looks will push up towards the 2017 highs at 2338 in February. (previous report)
Ever since the market hit the 2016 lows the trend was always headed up to the 2017 highs, and nothing was going to stop it.
This was confirmed with last year's breakout of the 2016 highs (break & extend pattern)
We have now reached those highs, so where too now?
The important pattern in the last week of February was the breakout of the 2017 highs matched with the monthly breakout, which suggests in the short term price is heading up to 2423/31
Now the pundits are hailing this rally as 'the Donald rally' but it was always going to head to these levels even if Hillary had got in, but the difference between the Donald and Hillary is the corporate TAX cuts which will drive the market higher.
therefore pattern of interest is....
The 2017 highs at 2238 & Weekly lows form support and the market continues up for the rest of the year.
I think there is more in this market for 2017, so we are looking to BUY the dips using the monthly trailing support levels, with a LONG term target in 2017 towards 2573.
Note:- if for some reason the market continues to rally in the month of March and reaches 2573 do not touch the market until 2018.
