my view is that 1348-52 will act as resistance for the next 3-5 days....
Previous Weekly report
S&P Monthly and Weekly cyclesS&P completed the break and extend pattern from 1295 into 1350, which formed resistance on Friday.
The Trend in the S&P remains stable, as long as it remains above 1325 and the 3rd quarterly level.
And based on the current price action, the market looks like it will continue towards next week’s highs, and then as high as the July level @ 1374
A weak pattern won’t eventuate unless the market breaks out of the 5-day lows and begins trading below 1325, and there isn’t a set-up in the current cycles that’s going to pre-empt that break.
Therefore the trend bias is to continue upward, but be aware of patterns within the 5-day range, that may show set-ups with potential weakness using the intra-day daily channels.
