S&P (e-mini ) 5th June 2010 Weekly

S&P Yearly and Quarterly

As per Previous Weekly report, there is a chance that the S&P continues down towards the Yearly 50% level in the 3rd Quarter.

Friday has closed below the 3-Quarterly 50% level, which is bearish.....

And at this stage, whilst the market remains below the 3-month 50% level the bias is down, but the speed of the move towards 969 is unknown.

S&P Monthly and Weekly

2-month wave pattern completes around the June lows.

If the market was going to 'trend' down into 969 I would have preferred to have seen Friday closed near the June 50% level and then sold off from a higher Weekly open:- trust pattern.

Because of the current patterns we could end up with minor swing patterns (UP) next week, using 1049 as a random support level.

However, the overall trend remains bearish and pushing lower.