Previous Weekly report
S&P Monthly and Weekly cycles
The 5-day low breakout occurred on Monday, and the S&P remained below 1325 for the rest of the week.
However, the trend didn't continue down towards 1266, but it instead remained supported around its Weekly 50% level.
Therefore next week's trend guide is simply based on the Weekly 50% level @ 1318...whilst trading set-ups within the 5-day range.
Next week:- likely to remain range bound between the Weekly levels.
And what's going to push the S&P in either direction will be determined by the decision around raising the debt ceiling in August
If they raise it, it should help lift the market, and if they don't it could push the S&P down towards 1266
