Since the beginning of the year the US Index gained almost 5.0% but last week fell nearly 0.5% and continues in a bullish phase since early June.
Last week the Index initially tried to rally but found enough selling pressure to turn around and closed near the low of the week, in addition closed within the previous week range, which suggests being slightly on the bearish side of neutral.
It was a week where bulls displayed some weakness showed by the wide range, especially on the upper wick and the narrow spread.
Stochastic is showing an overbought market and is displaying lack of momentum.
Expecting a downward move to a weekly support at 1,364 on a break below the previous week low at 1,423.7 (scenario 1) however a break above the previous week high at 1,452.1 may trigger a bullish run up to a Fibonacci extension at 1,498.5 (scenario 2).