1. In previous Williams edge live meetings it was noted that the week of July 21 (last week) and the week of July 28 (the current week) belong to an critical cycle that indicated an important decline in the September S&P.
2. Today’s (Thursday, July 31) session broke lower and tested the recent $1948/$47 downside target noted in previous updates.
3. Although not an outright forecast, the current decline could test/attempt $1338/$36 (or lower) into Friday’s (Aug. 1 +/-1 day) session.
4. Our July 17 S&P report also indicated the possibility of sharply lower prices as a direct result of the above noted weekly down cycle (week of July 21/28). Will update as the market continues to confirm.