If we close this week above sp'1352, then my sp weekly wave'5 chart will be the one to focus on. How we close this week will be vital to offering a clue as to if new highs are viable. If we only close the week in the 1330s, I think new highs can be ruled out.
Sp' daily - bearish outlook
Sp' weekly - count'1
Summary
The key resistance levels are clear...1340, 1370/80, 1395, 1422.
Considering the depth we are on the MACD cycle, I'm inclined to believe we will hit at least sp'1370 early next week. The important issue then will be what happens..do we level out..flat top...and start to collapse away in a giant wave'3 to sp'1100s....or...do we just keep trending up to the mid sp'1400s?
Time for lunch !