S&P 500 e-mini futures 23rd March 2012 Daily recap

my view is that it will proceed to move up towards the April highs approx 1426.

However, the Daily 50% level could act as resistance over the next 8 hours until the cash market opens...

Friday’s lows @ 1381.50 are seen as support

S&P Weekly and Daily cycles…

As mentioned in yesterday’s recap,. there was the possibility that Friday would move down into its lows, and that is what has occurred, with 1381.50 forming support which aligned precisely with last week's breakout of the weekly highs.

And based on the current price action, my view remains intact, that 1382-84 would form support and that the trend will try and make a move towards the April highs 1426.