After going through the yearly closes for the S&P the 3LB range is 1469.25 to 740.74 with 1105.00 as the midpoint. So 1105 (IMO) is more important than 1121 (50% retrace). Just thought I'd toss that out there.
After some thought I think I still prefer the monthly 3LB to define the long term trend. There's so much that can happen in a year that gets missed using only yearly closes. So now having said that the current monthly 3LB for the S&P has a reversal of 987.48 and a midpoint of 1041.56. These will change as this month ends (kind of like a trailing stop).
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