More downside likely to come - but looking for stronger rally

Sell signals on weekly charts, price action currently bearish. With that being said 3087 area is extremely strong support so I would expect a stronger more sustainable rally off that level, oversold on daily charts. When we do get a sustainable rally we could see another objective short opportunity 2 scenarios are that we come back up and form a topping pattern or Fed pumps market to record highs. WOULD NOT BE SURPRISED TO SEE A TOP HERE TAKE A LOOK AT THE BOND MARKET AND HOW DISTORTED YIELD CURVE IS DESPITE THE FED BUYING IT ALL UP. With that being said the price action on monthly charts is still bullish. So short term this market is bullish but still probably have more downside.

Comment:

Watch 2940-3080 levels for bullish bounce