S&P Monthly and Weekly
Last week’s view was to continue higher based on the same pattern of rising up from Friday’s lows:- as long as the market remained above 1116.
As pointed out in the Premium Report on Wednesday....
Tuesdays' close below the daily 50% level and below 1116, the trend bias is to move lower.
The changed of trend began with Tuesday’s reversal bar and daily close below 1116 , and the verified by the breakout of the 5-day lows on Wednesday @ 1102 and a continuation down into the medium term support level @ 1078.
Current price action suggests more weakness whilst below 1085...
Because price is below the monthly 50% levels in August the trend bias is to continue down, but that will need to be verified with a breakout of the Weekly lows @ 1063...and a continuation of 3rd quarter weakness
Otherwise above 1085 can move into another 5-day consolidating pattern between 1098.50 and the Weekly lows, and the market remains in a sideways pattern for the next couple of weeks.
