8/7 is 5 months anniversary of March low, two months anniversary of June high and one month anniversary of July low. Friday's daily candle, like July 20's candle, was a bar with long up stick, both bearish. However, the hourly charts of the two are different. 8/7's is even more bearish because it could not hold higher high, more like an inverse pattern of bottom reversal. A two week consolidation may start from next monday.
Market has been rising for 7-10 days, already at the upper line of the up trend channel, a one week or so flat to slightly downside consolidation is imminent. TD for such week. After that, a weak but sustained uptrend could be expect to go into mid-late August with a target of 1000 to 1050.
The market is resilient. SPX seems to form a base and poised to break out the 950 resistence. Rusell seems to find support at 520. I think the market will go up a little bit further from here. If the volume continues to decrease, the top should be around the corner.
Today the market was down more than 2% but not too oversold on any of the 15, 30, 60 min or daily chart. Actually the daily chart was still overbought (STO) and 60 min MACD remained dead cross. On daily chart, MA20 not retested yet (around 805). Typically, a sustained uptrend would test MA20 before launching the next up leg. 4/6 to 4/13 is a Feb cluster and Full moon, expect the market to find support around 780-800 (may stay there for two to four days ... ...
This is the third time it tested the trend line lower end, expect it to break down. However, this is a strong up trend and there are tons of support levels below (810, 800, 790, 780 and 760), so the down leg will not be long. It might be swift and then the market resume up trend again (although it may stay in the 780 to 870 range for a little while before shooting higher to 900's).