SPX tested the orange midfork this week, and bounced sharply once it held firm as support. There were negative cycles during the week, but that only resulted in a few significant down days rather than a sustained downtrend. The negative cycles continue in July.
Minimal upside seems possible first into the 1370's, but overall the outlook is severely bearish in July. The cycle analysis is very negative during the middle part of July with mixed positive and negative spots late in the month. Therefore, late July is likely to be characterized by whipsaws. August looks much more positive.