S&P 500 e-mini Futures 16th January 2012 Daily recap

The S&P is showing that it could rise upwards from the Weekly level @ 1282

Blue channel lows @ 1278 Support:- Potential 2-day rise upwards.

S&P 500 e-mini Weeklky and Daily cycles

Cash markets closed for Martin Luther King Holiday, whilst futures markets continued higher, as they followed the Weekly cycles

S&P 500 started the day below the daily 50% levels, whilst the blue channel lows were seen as support @ 1278.

Instead the Weekly level @ 1282 formed support, confirmed with price trading above the daily 50% levels @ 1284.