It is remarkable that after a 6% upmove in six sessions, the S&P 500 closed down only 0.13% on Friday.

Early in the session the SPX made a new multi-month peak at 1048.18 prior to pulling back a bit. The price weakness did NOT inflict any meaningful damage to the nearest-term September uptrend. Only a decline that breaks 1025 will inflict preliminary damage, while a breach of 1008 will exacerbate the damage to a point of concern.

Unless and until such weakness develops, the medium and near-term uptrends remain intact and dominant and project still higher prices towards 1100-1120.