Ignoring day to day movement, there are really 3 paths forward for the big market
1: SPX comes back to retest the low of 2/5, and at the same time DOW maintains its position by staying above 49K. In this combination, this SPX re-test is a buy and we can expect a grinding to 7200-7400 afterwards
2: SPX comes back to retest the low of 2/5, but DOW also dropping below 49K. In this combincation, I think SPX could go all the way back to test 6500. I also think this 6500 re-test is a buy, as long as DOW's pullback is not impulsive down.
3: SPX closes above 6993 this week. In this case, SPX should go to 7200 next month which I expect that as a major top.
However, to make #3 happen, we really need QQQ to cooperate, meaning, I do not see a scenario where SPX goes to 7200 while QQQ struggle here as it is.
