S&P Weekly cycles
S&P remained within the Weekly levels, with Wednesday’s price action helping to set-up a move towards the upper weekly level @ 1346.
Next Week;- there is a stench hanging over the S&P if the US fails to raise it’s debt coming in August.
If for some reason that happens then it could easily break the support levels (Weekly lows)
However, if I concentrate of the current price action alone, then my view is that next week will rise upwards, and continue to move towards the highs in July @ 1374.
Whilst looking for set-ups within the patterns in the 5-day range to help validate that view.
