SPY is currently strong after finding range-top support, but faces potential short-term downside to 7456 over the next few weeks; a major bottom is expected in Sept/Oct followed by a stronger Q4.

S&P 500 bounced from a key top of the range support. We talked about that. I thought it was important that if the market was going to be negative, it had to give up that whole rally when it had the breakout, but it hit that support and then moved up.

Indexes for the week, S&P 500 and NASDAQ up small on the rebound that they got starting Thursday.

And let's look at those charts. Uh we'll take a look at the S&P 500 first, S&P, and uh again uh same thing that we've been looking at in here, and that is the potential for a couple of more downside weeks.

Now, I put in the minor supports right over here. When I did my analysis earlier in the week, and the market looked like it was breaking the daily level, I showed it a little steeper to the downside, but now I have to respect what I'm seeing.

This is strong, and it turned up on this early low where the NASDAQ made its low uh deeper than this.

The question is, was this the low we were looking for as it just simply stayed in a threemonth range and then broke out? When something breaks out and it comes down and tests the peak of the range, that's because all there were sellers here.

Every one of these sellers for 3 months at that level. Now, when it comes back down, they want to get back in. They want to cover their shorts. They It's getting back down to where they sold and they want to buy.

So, that's why you get support at the top of a range. That's why we talked about that. That's important for the analysis.

So again, this looks like another potential couple of weeks because when I look at it over here on the daily chart, the daily cycle broke down. This is what got me more negative.

I had this projected over here, this one, uh, to come down 7.3% down to that low right over there, which is weekly support. That's not a very big corrective period for where we are where you get all of this alignment of three cycles coming down.

This is a strong market and and maybe you just can't do that. So, uh I'm I I removed that and I put it down to where those minor weekly supports are, you know, targeting a correction over the next two or three weeks of uh 7528 down to 7456.

So, I've upgraded that because it found support at the top of the range and then moved back up even over the 61.8. I have to respect that. Remember, we're agnostic. Again, as I said earlier in the show as we talked about this and Harvey and I discussed our different approaches to analysis, um Harvey would look at this and I'm speaking for him and say, "Hey, we have a positive OBI here.

Um, we don't have anything negative here. the slim ribbon is still at least flat and uh turning up. You see that green arrow? So, there's a lot of reason to be respectful of the fact that this market just does not want to go down.

So, that is a look at the S&P 500 and the NASDAQ. And you can tell I'm telling a story in here looking at this. Um, it's like it's like all of the variables are laid out in front of us, potential move to the downside, a better fourth quarter.

Likely there may be some waffling into October uh based on some of the longer term charts I'm looking at. Uh, and you could see some of the lows show up in October that Katie and Ivy showed.

Uh, but then sometime in September, October, we're likely to have an important bottom and then a better fourth quarter.

what I've done and you can see the spy QQQI WMD AI I because it's neutral I want it to tell me when it gets bullish or bearish so we have an alert system in here that you can download and I go to notify and you can see I have it clicked on bearish or bullish that way it will give send me a message and tell me when any of these has turned bearish or bullish so I have those bells else.

You can see lit up right there and it will notify me when any of that changes.