S&P 500 e-mini futures 8th February 2012 Daily recap

Trend bias is UP

random resistance Daily highs.

S&P 500 Weekly & Daily cycles

S&P completing the 2-month wave pattern into February's highs @ 1352-1354 from the December 50% level.

These Monthly highs are seen as resistance, and I'll begin to look for potential patterns that could result in the market rotating down towards the trailing monthly 50% levels in March.

The first sign that a 1st quarter 'top' is in place is if the market is trading inside next week's levels:- 1340

Note:- DOW could follow the same pattern @ 12991, keeping the S&P around these highs