Next week suppose to be one of the important weeks for the S&P 500.
We have already 8 weeks decline and the price has already touched the important Gann Angle closing above it. I pay attention to the number 8, because it is included in the Fibonacci sequence, and has it's importance. The odds are extremely in favor of a significant rebound to happen here in the environment of the support, offered by the Gann Angle, 200 day moving average gives price support as well. A reversal daily/weekly candle will be one of the signs for rebound.
I can also assume spiking weekly candle, reaching 1250 even 1232, with closing weekly price above 1247.80.The Elliott Wave pattern that has been forming for several months (2/22/11 - now) is running flat(3-3-5) in case the price doesn't break 1247.80. If does break it, the running flat turns into expanding flat (3-3-5).
Good luck trading!!!