S&P Monthly and Weekly
Weekly lows provided support and price is now rotating back towards the September 50% level.
That level starting next week is going to be the trend guide for the rest of the 3rd Quarter
Either price swings upwards and moves back towards 1128
or it follows the September 50% level rejection pattern, as part of the continuation of the trend being below 1098.50.
If that's the case the move down is towards 970, ( with a possible spike down into 938).
However, around 970 is an ideal level to be moving back into stocks for the rest of 2010, as it is the Yearly 50% level, which is the same level that has supported the Australian market for the past few months
What we need to keep an eye on next week, is the 50% level @ 1079 and how price responds to it.
If the market moves upwards and then breaks below 1056 from Wednesday, then we begin to look for the down trend to continue during September
