With some very notable bearish engulfing weekly candles for a number of indexes, it has to be asked, was the May 20'th high of sp'2134 an intermediate top? Even if by some miracle the market can stabilise early next week... some serious bearish price action looks due into the late summer.
Without getting lost in bearish hysteria, I want to note that regardless of how next week turns out... I am most certainly looking for a major wave lower into the late summer.
Whether that has already started.. or not until August.. in my view.. doesn't much matter... at least for those who are regularly trading in/out.
Goodnight from London
*the weekend update will be on the US weekly cycles