S&P 500 E-mini Futures 4th January 2012 Daily recap

A breakout of Tuesday's highs suggests more gains towards Wednesday's highs.

However, the red filter suggests that price will come down into the daily 50% level, as part of retesting Tuesday's breakout.

1264.75 and blue channels highs are seen as support


S&P 500 Weekly and Daily cycles

Early price action moved down into trailing support levels within the Daily cycle…

And further gains came later in the day, but price failed to reach Wednesday’s highs @ 1283.25

Current price action suggests more gains in the short-term, however, there are a number of upper levels acting as resistance.




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