S&P 500 e-mini Futures 23rd June 2012

My view is that 1354/59 will act as resistance until July..

and then the 3rd quarterly 50% level comes into play (Previous Weekly Report)

S&P 500 Monthly & Weekly Cycles

1354 acted as resistance and pushed the trend back down...

as it goes searching for the 3rd Quarterly 50% level @ 1300

That level from the first of July is critical as the trend is either going to rise upwards once again..

or not

Next Week's 50% level comes into play @ 1320

along with the high probability set-ups within the daily cycle range, as to whether that plays out

S&P 500 E-mini Futures 16th June 2012

S&P monthly and Weekly cycles

Price didn't reach the precise 2nd quarterly 50% level, but the 3rd quarterly 50% level comes into play from July.

In the mean time, my view is that the levels around 1354/59 will act as resistance until July.

Short-term:-

Next week's early trend is going to be dictated by the results in the Greek elections.

Either the Markets like the result, or they won't

S&P 500 E-mini Futures 9th June 2012 Weekly Report

This is matched with the June lows in the monthly cycle and also the 2nd Quarterly 50% level.

Weekly cycles :- keep an eye on price trending above 1282, this could attract buying towards the Weekly 50% level.

S&P Monthly and Weekly cycles

S&P found support in the Weekly cycles (June lows), and proceeded to move back towards the June 50% level, which is seen as resistance @ 1337.

I'd be more confident in further gains in the S&P 500 if price had already hit 1249 (2nd Quarterly 50% level).

However, if it's above 1337 next week, then the S&P is making a play for 1354.

Note:- keep an eye on the set-ups within the daily cycles (8.5 to 14 points)

S&P 500 E-mini futures 2nd June 2012

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.

S&P Monthly and Weekly cycles

Trend bias is down into 1249, as part of the break and extend pattern from the MAY lows.

This is matched with the June lows in the monthly cycle and also the 2nd Quarterly 50% level.

Weekly cycles :- keep an eye on price trending above 1282, this could attract buying towards the Weekly 50% level, but only if hits the lower support levels beforehand:-

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