SPX Long Update

Well, SPX levels didn't hit very well. Levels for a bounce that I had marked were 3965, 3928, or 3895 (SPX), all of them got sliced after showing a reaction. I checked ES to see if there was any 'hedging' activity, and sure enough, the ES chart is showing a lot of confirmation. I still see a summer high of 4320-4360, with a preference towards the higher end of that range. This is a critical low and a I'd imagine many stops were collected. I am still bullish on this low but if the ES low of 3890 breaks then we're most likely looking at 3699 (shown in chart). I will reassess if we go for a lower low into opex on Friday, otherwise, I expect a slower but more extended rebound into mid-late summer before a fall into midterms.