DOW S&P Primary and Secondary TrendsAs per the previous Report, the next move in the market was based on the direction price took in relation to the 3rd Quarter 50% levels.
The March low rally into the 2nd Quarter 50% levels (resistance) , has now resulted in a 3rd Quarter 50% level push down in early July, which has a danger of moving back towards the lows once again over the next two Quarters.
DOW S&P MonthlyWhenever price crosses over the monthly 50% level I factor in a 2-month wave pattern, and in this case that's down into August lows.
In July we have two monthly support levels @ the Green and Blue levels, which may or may not support price because of the larger trends pushing the market down.
However, if they do support price in July, i'm still factoring in a 2nd monthly down move in August at this stage.
S&P Weekly
July 50% level had 1 day support, and then price continued to move down into the Weekly lows, and will probably continue down into next week's weekly lows.
At this stage I would treat the July 50% level and Weekly 50% levels as resistance.
Those Weekly lows next week begin to' match' the first Monthly Support levels (Green), shown in the previous Chart.
Around those levels might provide the first multi-day (3-day Swing) UP move towards the July and Weekly 50% level Resistance Zones
