Posted Apr 18, 2013 by Martin Armstrong
The Weekly Breakline for this week is 1398.6 and this will provide CLOSING resistance at this point. The Major overhead resistance stands at the 3 Monthly Bearish Reversals 1520 area and support at 1310. So we are not going anywhere just yet other than the traditional bounce after a 17.2 day decline. The monthly resistance starts at 1421.0 and that is the area that any bounce must exceed to be credible. This is orderly so far. Keep an eye on the upcoming panic cycle and rise in volatility. Many markets are now lining up for mid May as a major turning point.