As noted in the Weekly report, my view is that the Market has reached it’s highs and will begin to rotate back down, helped by the switch in Weekly dynamics in the S&P 500, with this week’s open.
Below 4988, and especially below 4978, we should begin to hold shorts.
S&P Weekly and Daily range.
Market Top and sell pattern with today’s open, and expectation that the reversal pattern is towards the lower weekly levels @ 4841, as shown in the chart on the right.
The SPI pushed up slightly hitting 5006 and stalled
Even though I have a view that the trend bias is up towards 5093 to 5139, that’s more likely going to happen later in the current Quarter, or the next, after there's a reversal pattern down from these April highs.
There are two possible patterns, and that will depend if the S&P holds support levels (above 1300-1304).
If it does hold support, then I’ll look for the next push upwards from MAY, as the market ‘chops’ around for the next 3-weeks (SET-UP B)
If it doesn’t hold support, and the S&P moves back down towards 1247-54, then the SPI can makes its way back towards 2nd Quarter Support (SET-UP C)
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