The grand theme that I have been operating under is that the S&P 500 and US equity indexes in general should have a rise into middle of June at a minimum and perhaps into the next cycle inflection at the end of August. If the S&P 500 had a completed five wave impulse to a test of or new high with this cyclic positioning, I would be claiming a high was being set. The wrinkle in the plan is that we don't have a test of the high nor a very satisfying formation. Up to this point I've been pounding the table for the prospects for higher but I'm going to pull in my horns a bit now. I still think it wise to allow for higher but prudent to manage any long positions you may have. After all, the Russell 2000 and Nasdaq 100 have made new highs over that of early this year and wouldn't be shocking to have intermarket divergences at the top.

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