S&P 500 Monthly and Weekly cycles
Trend bias is down into the Quarterly 50% level @ 1249
The Trend is also part of the Break and Extend Pattern from the MAY lows into the June lows.
However, there is 1 week to go in MAY, and often price can rotate upwards into the following monthly 50% level...
and then once again rejected down into the June lows, completing the break and extend pattern :- SUPPORT @ 1249
Next Week's levels in the Weekly cycle will determine whether this is a rotation up into the June 50% levels
or the market remains below 1315.50 and continues to extend towards the Target Zone
