S&P 500 E-mini Futures 26th MAY 2012 Weekly Report

S&P 500 Monthly and Weekly cycles

Trend bias is down into the Quarterly 50% level @ 1249

The Trend is also part of the Break and Extend Pattern from the MAY lows into the June lows.

However, there is 1 week to go in MAY, and often price can rotate upwards into the following monthly 50% level...

and then once again rejected down into the June lows, completing the break and extend pattern :- SUPPORT @ 1249

Next Week's levels in the Weekly cycle will determine whether this is a rotation up into the June 50% levels

or the market remains below 1315.50 and continues to extend towards the Target Zone

S&P 500 E-mini Futures 19th MAY 2012 Weekly report

Primary highs in 2012 have continued to form resistance in the S&P 500 resulting in the failure of the monthly 50% levels to hold support @ 1373... and by the look of it price will try and rotate back towards the 2nd Quarterly 50% levels @ 1249

The S&P has formed a tight 5-day pattern around the random support zone. This pattern is often seen as a NO CONTROL, when the open and close of the previous 5-days is in the middle of the range...

The Question now is which way will the market break, as often after a NO Control pattern the next 5-days trends in 1 direction.

S&P Monthly and Weekly cycles

The 'No Control Pattern' has seen the trend move in one direction:- higher Weekly open into a lower Weekly close.

This has also resulted in a MAY low breakout pattern @ 1315.50, which is likely to see the trend make its way towards the 2nd Quarterly 50% levels @ 1249.

That may happen this month (next 2-weeks)...

or next week's lows @ 1270 provides a minor swing pattern, as part of retesting the MAY breakout @ 1315.50..

and then the trend continues down into 1249 during the month of JUNE.

S&P 500 E-mini Futures 12th MAY 2012

 Random Support is the area of interest for traders that believe that the S&P will continue to remain within an upward trend and consolidate.

Random support is also the area of interest for those traders that believe that the 2012 Primary cycle highs will push the trend lower, as is often the case when the month of MAY rolls around.

That move lower could be gradual, as it unwinds over the next 2-months with a downward bias into the start of the 3rd quarter.

S&P monthly and Weekly cycles

S&P has formed a tight 5-day pattern around the random support zone.

This pattern is often seen as a NO CONTROL, when the open and close of the previous 5-days is in the middle of the range...

As we can see the S&P 500 is now caught between Support and the MAY 50% level...

The Question now is which way will the market break, as often after a NO Control pattern the next 5-days trends in 1 direction.

As mentioned in last week's report...

it either rises or it gradually unwinds as it follows the Weekly cycles (lower lows):- towards the MAY lows @ 1315

Trend guide is simply based on the Weekly level @ 1350

S&P 500 E-mini Futures 5th MAY 2012

S&P 500 Primary and Weekly cycles

Primary highs in 2012 have continued to form resistance in the S&P 500...

Resulting in the Failure of the montlhy 50% levels to hold support @ 1373...

and by the look of it, will try and rotate back towards the 2nd or 3rd Quarterly 50% levels, as trailing support.

Short-term:- Random Support is the area of interest for traders that believe that the S&P will continue to remain within an upward trend and consolidate.

Random support is also the area of interest for those traders that believe that the 2012 Primary cycle highs will push the trend lower, as is often the case when the month of MAY rolls around.

That move lower could be gradual, as it unwinds over the next 2-months with a downward bias into the start of the 3rd quarter.

or it could be swift and sharp, down into 1245 (support)

S&P 500 E-mini Futures 28th April 2012

S&P Weekly cycles

April 50% level Support should in theory continue to extend up towards the Weekly highs @ 1410, and then the following Weekly highs after that. (approx 1422).

That expectation will be define by the Weekly level @ 1395

if not, then trailing support is around the MAY 50% level, matched with the Weekly level.

Trading set-ups will be found within the patterns in the Daily cycles (5-day range)

S&P 500 E-mini 21st April 2012 Weekly Reports

S&P Weekly cycles

April 50% level @ 1361 continues to Support the trend....

and coming into the last week's of the month, traders should begin to look for patterns that suggest the trend is going to move up towards the MAY highs

or the Weekly 50% level sends price down into the Weekly lows @ 1347.

Next Week's trend guide is the Weekly 50% level @ 1380

S&P 500 E-mini Futures 14th April 2012

The reversal pattern is towards the Apirl 50% level (Weekly lows).

That down move will be defined by next week's level @ 1378.50...

1361-1364 is seen as a random Support zone

However, don't be surprised to see the Trend as low as 1347 (SUPPORT)... Previous Weekly Report

S&P Weekly Cycles

1378.50 pushed the market down into the Weekly lows & the April 50% level, which formed a random support zone for the Week.

As we can see, the Weekly cycles now suggest the Trend will continue down into next week's lows, which aligns with a potential Support zone during the current Month @ 1345/47

Trend guide 1369