S&P 500 31st January 2012 Daily recap

Trend bias is UP to complete the break and extend pattern from 1278 into 1335

However, there is still 1 day of resistance level (January highs @ 1314), which can act as resistance for 1 more day


S&P Weekly and Daily cycles


Early rise of 8.5 points from the daily filter @ 1309.....

However, the monthly resistance @ 1314 came into play, pushing the S&P 500 down precisely 14 points.
Resistance levels disappear as of tomorrow, with the expectation that the break and extend pattern will complete this week...@ 1335

as long as it remains above the Weekly 50% level @ 1298



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