S&P 500 Primary & Weekly Cycles
Since the 2016 lows, I've been saying Up & Up & Up until the 2020 Highs to complete the 4 year cycle.
Once it reach those highs, I said SELL and get out!
2020 highs - I would think there would be a lot of downside to follow, after it's 4 year trending period from the 2016 lows.
Therefore the February 50% level is a random support zone for a potential move upwards.
YEARLY 50% @ 2976 IS SUPPORT FOR THE FIRST TWO QUARTERS (previous Report)
In 2018 we had similar price action - 2018 highs, back into the 2018 50% level and then more upside, because the trend expectation was for more gains into 2020
Even though the 2020 50% is currently supporting the market now, I don't think it's the same as 2018.
It might support it for a number of weeks, but I think we are looking for more weakness in the 2nd half of the year and into 2021 lows.
If we look at the Weekly Cycles, there's a break and extend patterns that could see price move down into the March and weekly lows @ 2743-2761 And as low as 2617
However, the 2020 50% level at 2976 might not allow that to happen.
Resistance the March 50% level and also the 5-day highs
