S & P

US markets are critially poised. The S&P sold off in May from an extreme in positive sentiment usually associated with a major top. However the fall is not a perfect 5 as it overlaps unless I consider a leading diagonal; and it did not break the larger rising channel for the uptrend. The last weeks rise is now a rising channel and appears corrective but has pushed short term indicators to a buy. So S&P is at 61.8% retracement and should confirm one more leg up or continuation down soon. The rise appears corrective so far so the odds should be for the downside.