In my May 10 post on the S&P I said that the fact that the market had broken just below the 1167 top of the first box in an uptrend made it a buy near that level. (See black line pointing to the time and price of that post).
The market subsequently was weaker than I anticipated, dropping all the way to the 3/4 point of the first box, then rallying to the 1/4 of the second box. The fact that the market has again dropped below the top of the first box at 1167 means that it is probably headed down to the 1/2 point of the first box at 1152. I expect a rally to the top of the second box near 1197 from there.