The June 50% level will be the trend guide for the rest of the Quarter.
The S&P continues to trade above 1301, and unless there is a close below 1301, then the upward trend remains stable.
Previous Weekly report
S&P 500 Weekly
The S&P rose upwards from the Weekly 50% level until the Weekly highs, and as noted in the previous Weekly report, a reversal pattern occurred from Wednesday to move back down to test the June 50% level.
However, Wednesday continued lower closing below the June 50% level @ 1322.50, which put pressure on the market for the rest of the week. And as we can see, this has resulted in a Weekly close below 1301
The Weekly close below 1301 helps validated potential further weakness during the current Quarter, which can lead to a trend bias towards the June lows @ 1259
Therefore, next week’s trading is simply based on trading either side of 1301.50
If below it’s down towards the June lows @ 1259. (random support Weekly lows @ 1286)
If above 1301.50 then it’s looks like a 2-day counter-trend move to retest the June 50% level @ 1322.50, which is seen as resistance.
