Whilst below Tuesday’s highs, there is the view that price can still try and push down into the daily 50% level @ 1179.50, which is precisely 8.5 points.
If that occurs then there could be another move upwards"
S&P Weekly and daily range…
Weekly highs @ 1185 continue to resist the S&P from rising.
Tuesday’s reversal pattern into support (8.5 points) provided another double 4.25 range upwards until it hit the Weekly highs once again and then drifted lower into the close.
Even though I still have a view of higher highs in the 2nd quarter.... (1230)
At this stage I continue to have the view that markets are slowly unwinding over the next 4-6 weeks towards the Montlhy 50% levels :- choppy with a downward bias.
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