S&P 500 E-mini Futures 5th January 2012 Daily recap

Primary cycles are bullish, and there is also the December 50% level support pattern, which often suggests the trend will extend upwards, as long as the market remains above 1261.25

if the S&P is going to continue higher towards Thursday's highs...(8.5 to 14 points)

then the red filter is the trend guide

S&P Weekly and Daily cycles

 My view is was that the S&P would continue to move upwards on Thursday, using 1269.50 in early trading.

However, the Weekly upper levels have been acting as resistance, and instead of moving upwards the market moved down 14 points precisley, tested the Weekly level @ 1261.25, and then proceeded to move upwards later in the day.




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