19 Aug 2016 - EOD, EOW

Weekly close for the SPX could be considered a engulfing bearish candle, but I'm not so sure if we have seen the ATH put in place.  Since the time cycles have not arrived, I would urge an awareness to a possible HH.  If everyone is looking for 2200 as the target, the market won't give it up so easily and may even fail.  That said, signals are still OB and up trending therefore I will have to be biased to the upside until such event compelling enough to call for a CIT.  A higher high in SPX will not nullify the negative divergence presently in place, and can only induce weakness so keep this also in mind.

SEN: Bullish
ST: UP
PA: NA
R: NA