S&P 500 Update: – JenkinsRM

S&P 500 Update:

 So the end of May produced a low in the 8.6 day wave frequency and last week we saw a 8.6 cycle count finish on the upside of the cycle. Price remains INTERMEDIATE-TERM overbought and we did signal take profits on the Nasdaq last week near the highs. From here to start the week there are 2 risk ranges to focus on – the LONG-TERM Risk Range of 2375 on the downside and the upside of the long-term range is now 2455.

For the INTERMEDIATE-TERM the upside is 2460 and the downside is now closer to 2415. So lets focus on the upside of 2455/2460 area as this clearly is both the top of longterm regression channel as well as the intermediate-term top of reg channel.

On the downside we want to remain better buyers and add to core longs if we see 2415 as growth continues to accelerate.