S&P 5003rd Quarter Thrust pattern into 1038 has played out and stalled.
Eventually I would look for the S&P to rotate back down into the 50% levels, but at this stage even though the S&P has hit resistance @ 1038, price looks to be pushing upwards in September.
Upside targets will be defined by the September monthly levels below...
DOW S&P MonthlyOnce the S&P had hit 1038 I would have liked to see the Weekly timeframe close below 1012, as this would have set-up a rotation down into the September 50% levels.
A rotation down would be part of a retest of the July breakout and using the September 50% level as support for another leg upwards.
Because price isn't below 1012 and more than likely to close the Month above this level, I favour a move up into the September highs.
Note:- September highs on the DOW futures matches the Yearly 50% level for this market @ 9822
For US markets to move higher I would think another 5-days of sideways price action above the August highs will see a move upwards in September.
Support DOW 9366
S&P 1011
