S&P 500 Monthly & Weekly cycles
The S&P 500 fell short of reaching the 2020 highs in January.
If it did, 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.
However, the Australian Market can often foretell or forewarn price action in the S&P 500 and if you look at the Australian Market, this has completed the 4 year cycle highs in January.
Don't trade longs below the February 50% level 3199, which could see further weakness if the Coronaviras continues to spread.
YEARLY 50% @ 2976 IS SUPPORT FOR THE FIRST TWO QUARTERS
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