And if everything goes to plan, the market slowly unwinds and begins another downward leg into September lows.
Previous Weekly Report
S&P Primary and Weekly cycles
3-day UP-Move failed to move as high as 1245 (August 50% level), as the 3rd quarterly level @ 1208.50 stalled the market from rising further.
As noted in last week's report, and also described in my book, after the 3rd day up move in the 3rd Week, the next short sell pattern happens on Thursday.
Often that begins after the cash market closes on Wednesday, and aligned with resistance levels. This time it was validated by the same sell-set-up but with price trading below the 5-day 50% level @ 1178
Next week:-
if price remains above 1115 then it's likely to swing upwards, but then make a move towards the September lows in the following Month.
Otherwise the overall trend bias is to continue down into the 2011 Yearly lows @ 1045, and as low as 1015
