S&P Weekly
This week's expectation was for the trend to continue up into resistance levels based on the Weekly and Monthly highs.
Friday's reversal pattern has an expectation of further weakness early next week:- 2-day reversal
If price is below 1116, then the trend bias is down towards 1097.
Around 1098.50 remains a major trend guide for the 3rd Quarter.
Below 1097, and price is revisiting 1078.50 (September 50% level)
My view is that the S&P will move into a consolidating pattern until the start of the 4th Quarter. (drifting lower)
Note:- A 2-day reversal pattern next week could result in a 2-day 'stall' pattern.
If price continues to remain above 1116, then the trend bias is up towards 1141-1144 later in the Week.
