S&P Monthly and Weekly cycles
These monthly highs can now form resistance @ 1464 (December futures), and result in next week starting with a 2-day reversal pattern back down towards 1445 (previous Weekly Report
Last week we saw the December futures reverse down from 1464 and retest 1445, which formed Support.
This price action will often see the trend continue to move higher, helped by Friday's close. However Friday didn't close higher, and instead of moving upwards in the last week of the month and continuing higher into October, next week could come under pressure once again.
My view is that the S&P will once again begin next week with a 2-day reversal pattern (unless it opens above 1460)...and if that 2nd day closes below the Weekly 50% level (random Support), the rest of the week could be moving in the same direction (DOWN)
