S&P 500 E-mini Futures 24th August 2015

S&P 500 Primary & Weekly Cycles

Last Thursday's breakout of the Weekly lows @2054 has help set-up a break and extend pattern towards this week's lows @ 1921.

It has also seen the S&P 500 move back into the 2015 50% level after reaching the top @2133.

If we look at the 2015 50% @ 1958, this level it can form a support zone but ideally only after the market hits those weekly lows, as it will complete the break & extend pattern.

However, any buying above 1958 and the August break @ 2027 is seen as a major resistance zone that can last into the end of the year.

Note:- Bear patterns are appearing in other markets

S&P 500 E-Minis 2nd August 2015 Monthly Report

S&P 500 Primary Cycles

We should see the trend move down into the July lows.....

From there on it gets interesting, as price will need to bounce, break the 5-day highs, and then the August level (Yellow) will define whether global markets rise upwards into the end of the year. (Previous Report)

The S&P didn't move as low as the July lows, but formed support in the 2nd half of the month above 2058. (Yellow)

As noted in the previous report, the August level at 2085 (Yellow) will now define whether the trend makes move back towards the highs @2133) and more...