S&P Monthly and Weekly cycles.
The S&P 500 is hitting a ton of resistance around these upper levels @ 1420-1424.
Not only is it the monthly highs in August, but it's also the 2012 Yearly highs, which have acted as resistance twice this year already.
There are two patterns at play based on these levels continuing to act as resistance
#1) follows an orderly pattern and rotates downward into September.
#2) tightening of the Weekly cycles, could lead to a large break & extend pattern back down towards the 3rd Quarterly 50% level...
Therefore the trend remains stable above the Weekly 50% level @ 1403...
below that same level, and look for daily closes below the Weekly lows @ 1388.75, and hopefully sellers hit the S&P Hard
Note:- I could be wrong and the Weekly 50% level supports the S&P and sends it higher in September.
