S&P Monthly and Weekly cycles
I was looking for more weakness this week, as part of a move towards the September lows, but instead the market remained within the weekly channels, with Friday closing on its 5-day high.
Friday's close has the potential to see more gains next week, but unless the market breaks out of the weekly highs @ 1241, the current trend can quickly reverse back down.
Traders should keep an eye on the Weekly level @ 1218.
if below at the start of next week, then look for a 2-day reversal pattern.
if price breaks out of the 5-day lows on Tuesday, then the trend will continue lower for the rest of the week
if price bounces off the 5-day lows on Tuesday and closes higher, then next week could see more gains
