S&P Monthly & WeeklyLast week's reversal down from the highs and failure of the Weekly 50% level is now setting up the S&P to continue down into the 3rd Quarter lows. (July)
The UP trend was dependant on the weekly 50% level holding, but the 5-day low breakout on Tuesday gave us clues that wasn't going to happen.
Currently the 2nd Quarter 50% level (yellow) is supporting the S&P, but with the shift in the 3rd Quarter 50% the move is likely to continue down July towards the 3rd Quarter lows, with a possible move as far as the 969 (Single Year 50% level)
Next Week:- the market can continue to consolidate for the next 5-days until July begins and we use 1109 as resistance, or the Weekly 50% levels can send the S&P lower pushing July's lows closer to 969.
