SPX failed at the horizontal resistance, and the decline to the purple arrow low was initiated on Friday.
The purple arrow low is due August. SPX is likely to decline into August with several sharp bounces along the way.
There will be some soft spots during the coming week, but overall it looks positive. Generally the market is due to consolidate during the week ahead.
UVXY is slowly warming up. High levels of complacency exist in the market which suggests significant upside for UVXY into August.
Probably an inverse head and shoulders pattern is forming.