(Previous Weekly report)
S&P Weekly cycles
Nothing has been resolved on the debt ceiling, and weakness in the S&P 500 was set-up on Wednesday with a break of the 5-day channel @ 1327, resulting in a break out of the 5-day lows, and further weakness with the market closing below the Weekly lows.
And if nothing is resolved regarding the debt ceiling over the weekend, then the trend should continue to move down into the Weekly lows, and the 3rd quarter 50% level 1266. (random support)
Next Week:- if trading the S&P 500 on a daily basis, then the levels in the Weekly and Monthly ranges should be used, along with the patterns in the 5-day range, whilst focusing on taking 8.5 to 14-point range movements.
