That level (1300) from the first of July is critical as the trend is either going to rise upwards once again..( or not)
S&P Monthly and Weekly cycles
1354 ended up pushing the S&P back down into 1300, which has resulted in the trend rising upwards once again, 5-days eariler than expected.
Next Week:- Whilst price is above the July 50% level, the trend bias is UP.
1375 is seen as random resistance.
if below 1346, the trend will go looking for the 3-Quarterly 50% level @ 1303 (support)
Anything below 1303, and the S&P will struggle to rise higher for the rest of 2012.
