medium and short term revisited

The SP500 is at important support levels that I expect to hold and will drive prices higher. A potential inverse head and shoulders pattern is developing and if it does pan out then I look for the SP500 to break above its June and August highs... above 1130. Whether the old April highs of above 1210s will be challenge is a big maybe but I'm not anticipating it yet.

short term rally?

I'm looking for a short term rally to start either this early or mid week. But it looks like the lows could had been established this Monday morning. Whether the SP500 and Nasdaq will be able to rally to or above the resistance levels of this month August remains uncertain but I should have a post on my opinion at that point.

medium and short term revisit

While I have been bullish for the past month there are some hints that this month long rally higher could stall if the stock market can't break above current resistance levels (SP500 1130+ and Nasdaq resistance above 2310+.) If the stock market stalls then there could be a trading range behavior (SP500 1040-1130 and Nasdaq 2140-2310) for the next couple months. But a decisive break and hold above current resistance levels should reinstate the bullish stance I had for the past month. So this upcoming week will be pivotal.