S&P Weekly
The past 2 weeks has seen precise text book patterns based on the Weekly low breakout @ 1173 and subsequent price action down into this week's lows @ 1055.
And as per Friday's Daily report....
"If and when those Weekly lows and Friday lows occur I'm expecting a larger swing pattern back towards the June 50% levels"
Therefore our support next week is 1076.25
and the rotation is back towards the Weekly 50% levels.
S&P monthly
Current support is valid during MAY and any rotation is towards the June 50% level.
Once price reaches the June 50% level there is a possible continuation down in the following month
Why?
Whenever there is a Monthly high reversal pattern they usually move in 2-month wave patterns.
Most reversal patterns occur in the previous month and then follow the trend down into the current month, find support and then the trend continues higher once above the monthly 50% level.
This reversal pattern started in MAY therefore June becomes the 2nd month.
Therefore any reversal back towards the June 50% level must be viewed as resistance until proven wrong.
S&P Quarterly and Yearly
The basic premise on the Quarterly and Yearly timeframes is that any subsequent weakness in June or trading below the Quarterly 50% level @ 1074...
and then trend is to continue down towards the Yearly 50% level @ 969 in the 3rd Quarter.
