but sometime during the next 4 weeks my view is that price will move down towards 1045.
Previous Weekly Report
S&P Monthly and Weekly cycles
The S&P formed a double low pattern in the 3rd quarter using 1090 as the swing/support level in the Weekly cycles (Note:- Tuesday's 5-day lows @ 1068 were the precise low)
However, when we compare the price action in the S&P 500 to the price action in the Australian market, we can see the lack of strength in the market on Friday.
The Weekly close doesn't show the same bullish pattern, as it has failed to close above any key resistance levels
Next Week:- Weekly 50% level along with the patterns in the 5-day range (daily report) will decide on whether the trend continues up towards the monthly 50% level and upper weekly levels, or not
At this stage I can't see any bullish signs that's going to push the S&P towards 1274 during the 4th quarter.
