S&P 500 10th MAY 2012 Daily recap

Today's levels look more like there could be some upward bias.

However, the price will stall at the 5-day 50% level  ( & blue channel highs)  random resistance, and is pushed back down on the following 4 hour pattern..

S&P Weekly and Daily cycles

S&P moved up towards the random resistance levels in the Daily cycle (@ 1360/63)

and during the following 4 hour range price stalled and reversed down...

as the market continues to consolidate around the Weekly lows