The BUY zone in the first quarter remains @ 5066 if there is any short-term resistance around 5338 (previous report)
SPI Primary Cycle and Monthly Cycles
The Market has moved down into 1st Quarter support @ 5066, 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 3-week high breakout @ 5122 sometime in 'March', end of the first Quarter.
Simply because, the current trend in this Quarter & now being below the 2014 yearly 50% level @ 5122, doesn't bode well for a Primary break & extend pattern towards the 2014 highs.