S&P 500 1st March 2013 Report

S&P Monthly & Weekly Cycles…

S&P continues to remain in an upward trend:- Target March highs.

We saw a break of the Weekly lows earlier this week, but it didn’t precisely hit my downward target of 1474, but as we can see, it has quickly resumed its upward trend.

What we also notice is that the current price action struggles to break the random Resistance zone around 1520.

Therefore there is still the possibility that there’s downward pressure early next week towards 1474, which is now matched with the MARCH 50% level.

1474 is seen as Support