S&P 500 Price Action Analysis - secondary correction with 2050.84 key support level

W1 price is located above 200 period SMA and above 100 period SMA for primary bullish with small little correction which was started in the end of May this year:

• The price is on correction with 2050.84 support level and 2134.42 resistance level;
  
• If weekly price will break 2050.84 support level so the secondary correction will be continuing with good possible breakdown; if weekly price will break 2134.42 resistance level so the secondary correction will be stopped and the primary bullish will be re-started. Otherwise the price will be ranging within the familiar levels;
• “Prices are attempting to rebuild downward momentum following a brief correction higher. A break below the 23.6% Fibonacci expansion at 2069.80 exposes the 38.2% level at 2058.90.”

Trend:

• D1 - ranging
• W1 - correction
  
• MN1 - bullish