or breaks support and continues lower
Previous Weekly report
S&P Monthly and Weekly
The S&P continues to consolidate above support levels during the month of MAY, and once again we see a familiar pattern appear.
A lot of trends often continue higher when the Weekly lows catch up with the trend, and as we can see, those weekly lows have once again moved upwards to align with support levels in the S&P500 (1324.50)
We saw this in March (fake break)and the trend continue higher in April, and whilst the S&P remains above 1324.50 there is an upward bias towards the MAY highs:- 1383 to 1397
However, we must acknowledge that a daily close below 1320 will put pressure on the S&P to move down into 1300
And anything below 1300, is seen as extremely weak, as it will be once again trading below the Yearly highs
