S&P Monthly and WeeklyS&P continues to remain trading within the Weekly ranges but with a downward bias towards the MAY 50% level @ 1151.
This reversal pattern was what I thought would happen in the previous month, as any UP trend in the 2nd Quarter won’t normally continue higher until the market revisits the monthly 50% levels in MAY
There are still 3-days to go until the end of the week and the critical level is 1151 as a trend guide…
The S&P can remain within the Weekly ranges and zig-zag down towards 1151 over the next 3-weeks
However, any continuation down this week will result in a breakout of the Weekly lows @ 1168-73, which is normally seen as a 'break and extend' pattern and a continuation lower
If 1151 can’t hold support, then the next Major support is 1069-74
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