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.
Previous Weekly report
S&P Weekly
The shift in market dynamics from August to September provided the impetus for the market to rally this week.
At the start of last week my view was to continue lower, especially when price move back below 1056 and started to move lower, as part of the trend being below the 1098.50 during the 3rd Quarter.
However, that changed on Wednesday with the cross over of the September 50% level and a breakout of the 5-day highs on Wednesday on the same day.
A breakout of the 5-day range will normally follow a break and extend pattern upwards on the next day (Thursday) and thereafter continue into higher highs by Friday to 1098.50 to 1102
Based on the current price action the S&P and friday's close, the trend looks to be moving up towards the September highs @ 1126, with minor resistance around 1115.
