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S&P 500 E-mini 24th February 2012 recap

S&P Weekly and Daily cycles

After Thursday's price action and support, my view was that price would continue up into the Daily and Weekly highs @ 1371.50, as a minimum.

Instead it remained flat

SPI Futures 24th February 2012 Daily recap

with the price action in the S&P overnight, the SPI could be on its way towards next week's highs.

Resistance 4285

 SPI Weekly and Daily cycles

Early resistance of 21 points around 4285…

But then it tries to continue upwards, as the 1st Quarterly 50% level @ 4292 forms another resistance zone.

The SPI will continue up towards next week's highs, if the S&P 500 follows yesterday's Support pattern
and  towards a higher Friday close.

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

My view was this week would come down and retest breakout support levels (1352-54) and continue higher towards a higher weekly close.

However, the daily cycles suggest price could test the daily lows on Thursday

if the market is going to rise then Thursday's lows are the support zones...

S&P Weekly and Daily cycles...

Early resistance within the daily cycles, saw price move down into Thursday's lows, providing the perfect set-up for a late rise upwards

SPI Futures 23rd February 2012 Daily recap

SPI continues to BUTT its head around the Weekly highs @ 4272-74

Two random support levels @ 4250 & 4230

SPI Weekly and Daily cycles

Early resistance around the Weekly highs, pushed the SPI back down into 4250, which formed support…

And a late 21 point rise back upwards….

S&P 500 e-mini futures 22nd February 2012 Daily recap

I would still like to see the S&P touch the breakout (1352-54) before it continues higher.

S&P Weekly and Daily cycles

S&P has continued to drift back down towards 1352-54, finding support around its daily 50% level.

As noted in the Weekly report & monthly cycles, whilst the market remains above 1352-54 the trend bias is to continue up upwards during February

Let’s see how Thursday/Friday play out, after Wednesday’s test of these support levels.

Note:- patterns in the daily cycles aren’t providing ideal 'long' set-ups

SPI futures 22nd February 2012 Daily recap

Trend guide 4250

random resistance 4274

Support 4328

SPI Weekly and Daily cycles

Early move down into 4250 and a rise up towards the highs....

as the market continues to BUTT its head around the 1st quarter 50% level @ 4292

S&P 500 E-mini 21at February 2012 Daily recap

my view is that US markets are moving down to retest the breakout of last week's highs:- 1352-54

once that happens, then there is a better chance for the markets to continue upwards

S&P Weekly and Daily cycles

S&P has moved down 14 points from this week’s highs, which aligned with the 5-day 50% level @ 1356

Support resides @ 1352-54 this week

SPI Futures 21st February 2012 Daily recap

Support 4220

Resistance 4267-72

SPI Weekly & Daily cycles

Continuation of the trend up into the daily highs @ 4267, which formed a short-term resistance zone....

but a daily close above both the Daily & Weekly highs late in the day, suggests more gains in the short-term, as the S&P 500 continues to push upwards whilst above 1352-54

SPI futures Australian Stock Market 20th February 2012 Daily recap

Trend guide 4183:- 5-day 50% level

SPI Weekly and Daily cycles

SPI rallies back towards Monday's highs....

as US futures continue to move higher (Weekly highs), as per US weekly report.