If below it’s down towards the June lows @ 1259. (random support Weekly lows @ 1286)"
S&P 500 WEEKLY CYCLES
The S&P has continued down towards the June lows @ 1259, whilst finding some support earlier this week around the Weekly lows @ 1286.
As we can see, next week's lows @ 1254 match the June lows @ 1259, and this will be seen as a support level, but won't be the low in the current downward trend.
That low is likely to extend towards the July lows, that haven't been confirmed as yet.
Depending on how the next few weeks trades, that low could be as low as 1188 (Quarterly 50% level), or 1173 (Yearly 50% level)....
However, if the June lows @ 1254-59 provides support for the next 3-weeks, then the July lows will be higher.
If looking for lows in the market to re-enter longs on 'stock positions' I would wait until July.
If looking for lows in the market for short-term counter-trend moves, then next week's levels come into play, along with using the 5-day range to help validate entry levels...
Random resistance @ 1285.25
