S&P 500 Jul 09 to Jul 13 OutlookBy on 2012 Jul 7 Sat 7:05:18
Pushed higher early in the week but capped by holiday trading and news shock. Consolidation around Y+1 with 50% previous week range. Closed the week below Y+1 and midpoint.
Multiple gaps above and below defined a 50 point range from 1320 upto 1370. As long as ES not trading below B-1, B+1 should be retested based on longer term price pattern.
Failure to break out above B+1, however, points to the potential of a long term top.