The SP bounced off the trend line as shown on the following daily chart. It's close to resistance at 61.8% retracement of the move down from late March 2012 to early June. If it continues up this week we should see resistance around 1389, the 78.6% retracement of the same move.
Astrologically this week has the potential of being quite violent. Mars will be translating the Uranus / Pluto square. Mars is making other contacts as well. On the plus side Mars trines Jupiter on July 17th, usually a positive indicator and it may be. Jupiter in Gemini is in it's detriment thus we may not get the more favourable effects and instead see things as being over done and too zealous. Will there be an effect on the stock market? Unsure at this time. If the violent indicators effect countries with a crude supply then yes.
Also Bernanke will be making appearances before a Senate panel and the House Financial Services committee. If there were hints of QE3 then we should get a boost. At this point the FED has shown no signs of more easing. Probably holding powder in case there are more severe circumstances in the near future.
There may very well be reason to fear worse economic and financial conditions as a number of cycles are hitting in early August and there are some long term transits hitting around August 9th. Venus conjunct Hades (a Uranian point), Venus trine Neptune and Neptune trine Hades. This is the day after Mercury turns direct, a time when the market often changes direction.
All in all I would expect next week to be a time of continued and perhaps escalated violence with the Mars transists. The markets explosion are in the near future and probably August.
US$
The US$ often changes direction after Uranus turns retrograde. It did so on July 13 so watch for a possible change in the US$ over the next 2 weeks. A weakening US$ would of course be beneficial for Gold and Crude. It would have to coincide with a strengthening of the Euro. Hard to fathom at this point.
Gold
Gold looks like it's trying to rally although it has to start making higher highs and higher lows. Gold looks like it is in the first Trading cycle (nominal 3 week) of the second Major cycle (nominal 6 week) of the Primary cycle (nominal 18 week). If this is correct I would expect Gold to be up this week.
On the negative side there is a signature, Mars waxing trine to Jupiter on May 17. This often coincides with a trough in Gold nearby and then a rally. If we do go down, and I'm not expecting this, Gold should rally after the trough is complete.
The period around July 26 should be either a trough or a crest as it is fib 233 trading days from the August 23, 2011 high. See the fib grid on the following daily chart of Gold.
Crude
We should be in the 3rd week of the Primary cycle thus we should see some more upside.
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