However, this week failed to close above the Weekly 50% level, to help validate the same pattern.
Based on the current price action, the S&P could be following a double Weekly low pattern into next week's lows @ 1311, as the market consolidates into the start of June.
Previous Weekly report
S&P WeeklyThe S&P moved down into a double Weekly low @ 1311, providing another FAKE break pattern.
If the S&P is going to continue upwards, then it's going to rise from the Weekly 50% level and move towards the Weekly level @ 1348. If that happens then we look for any short-term weakness that is going to retest the June 50% level (support)
Note:- Friday's failure to move above the daily highs on Friday could actually see the first 2-days move down into the lower Weekly level @ 1313, which aligns with the start of the month of June....
As we can see the June 50% level is actually a lower level than the MAY 50%, which will then be the trend guide for the rest of the Quarter.
The S&P continues to trade above the 2011 highs @ 1301, and unless there is a monthly close below 1301, then the upward trend remains stable.
Next Week:- simply trade on the side of 1331 until Wednesday, and then the June 50% level.
