Bull Case:

​The bull case scenario is that SPY bouncing off the 9EMA from last week will cause a higher low and cause a higher high. If this does happen the next level, I would expect to see resistance is at 465 to 473.14 supply. The point in which the bull case is invalid is if price falls below 437. This would create a twinning low from 7/3 and 7/10 weekly candles. If price bounces off of 7/3 to 7/10 lows, then expect a double bottom and price to continue into supply at 452.86 to 462.

Bear Case:

​The bear case is markets repeat what happened from 3/28/22 to 5/2 is the next coming weeks. Keep in mind that market symmetry plays a big role in price action and in overall market conditions. The last time price was in this range the markets pulled back %17.61. in other words if this happened again in the next coming months we could see a decline to about 380 to 381. In the short term if we start pulling back watch 438 and 430 for support. If these levels break than the scenario of a pull back to 380 to 381 increases significantly. Keep in mind that inflation has been going up recently meaning that the FED might raise interest rates leading to a overall decline in the markets.

Consolidation Case:

​The consolidation case is we stay range bound between the prices of 443 and 458.

Overall Summary:

​The big thing to keep in mind for this week is not to develop a bias in the markets yet until a critical support or resistance gets broken, the markets are still in a consolidation phase but could easily exit this phase in either direction. Before having a biased wait for 443, 437, 431 to break down before being bearish and wait for a break of 459.44 before getting bullish.