The SPX Cycle analysis has suggested a bearish move ahead. However, the market has been slowly grinding higher. The bullish move looks likely to finally complete in June with SPX declining rapidly, particularly in July, once the high has completed.
The high should form with churning in June, and then July looks to be the most bearish month of this year.
A comparison with the Flashcrash of SPX in May 2010 with XIV is interesting. XIV may have some upside in the first half of June, and then complete the high in June. The comparison suggests a Flashcrash in July.