S&P Monthly and WeeklyThis week has seen the 3-week highs and June 50% level stall the market from rising, but not provide any major selling, and we can now see the Weekly timeframe close above 1106.50.
This has the potential to send the S&P upwards over the next 2-weeks... (July)
Support will be defined by 1105.75 for next week, and likely to follow the Weekly range upwards.
If next week decides to trend upwards then the Weekly highs have less probability to stall the market from Thursday onwards, and the 5-day highs have less probability to provide reversal patterns.
This week's close failed to move to the 5-day highs on Friday, and because of this pattern I don't have the view that next week will begin with a 2-day reversal pattern and move below 1105.75
Next Week is simply going to be defined by the June 50% level and 1105.75.
How far the next 2-weeks rises is random, but whilst above 1105.75 the trend is up until the start of the 3rd Quarter and the start of a new 3-month cycle.
