S&P 500 Primary & Weekly Cycles
What could happen is, if price moves down into those weekly lows, but moves back above the MAY 50% level (Yellow), US markets might actually move up towards the 2020 50% level at 3007.
Therefore, There are probably a lot of traders SHORTING US markets now, and as much as I agree with them, they could end up getting squeezed on the upside if that plays out. (previous Report)
Can the S&P 500 actually go as high at the JUNE highs at 3380?
Next week's Weekly highs at 3153 will be a massive resistance level to begin with, and if it does go as high as 3153, there will be lot of shorter's trying to push it back down into 3007 and the Yearly 50% level.
It will be the week after next that we decide if S&P 500 is back into a BULL MARKET Trend (above 50% level)
Or the market begins to position itself coming into the end of the 2nd Quarter and the start of the 3rd Quarter, which is what I always believed was when the next round of selling will occur, but it needs to be below 3007
