S&P 500 9th MAY 2012 Daily Report

today's price action looks like it could rise upwards in early trading.

However, I'm just not sure how much upside there will be, as the levels in the DOW don't provide the same set-up, and the S&P is below 1357

S&P 500 Weekly and Daily cycles

If you followed the patterns over the past number of Quarters (UP trend), Tuesday's price action would have normally continued higher within the S&P Weekly cycles using 1357 has support...instead it closed below

 And Today's continued on with the weakness, as 1357 formed an intra-day resistance zone.

Traders need to be aware, that below the Weekly lows @ 1347, and the market will often go looking for its 3-month lows, currently @ 1315