The Market has moved down into 1st Quarter support @ 5067, after following the December break and extend pattern from 5338 (resistance) in the 4th Quarter & into 1st Quarter Support.
As noted in previous reports last year, the Primary cycles suggests the trend can extend up towards the 2014 highs, however that view needs to be validated with the current price action, starting with a breakout of the 5-day highs, followed by a breakout @ 5122
Previous Monthly Report
SPI Primary & Monthly Cycles
Trend bias is to complete the move towards the 2014 Primary highs @ 5574, as part of the Primary cycle Break & Extend pattern from the 2013 highs.
SPI Monthly & Weekly cycles
BUY Support @ 5067 was validated with the 5-day high breakout that aligned with 5122..(Yearly 50% level)
The Trend should follow the move towards the March highs :- Random resistance @ 5537...
Trailing support March 50% level.
