We did pullback some yesterday, but it's far from any thing really being bearish. I think we saw an A wave down and the move up from the late day low yesterday was the start of the B wave. If it can finish today we could see a C wave down tomorrow to end this part of the correction.
Call the entire ABC just the first part of the pullback as after it's done we should rally up into mid-late next week as it's OPEX and we typically see moves up into that week if the prior week was a down one.
The question will be... will that move up be a new higher high or a lower high? If it's a lower high we could (should) see another drop into around the last week of July for what should be labeled as a bigger C wave with the current ABC down being the bigger A wave and the move up into OPEX being the bigger B wave. I'm thinking this is what is going to play out and that we'll see the 588.79 FP on the SPY get hit during that C wave and NOT during this current ABC down to make the A wave.
Ok, for today I"d like to see a move up to a possible FP on the SPY of 623.31 from yesterday. If we can see it hit I think we'll finish the B wave and start the C wave down into a low tomorrow or Thursday. How low I don't know? Maybe 6100-6150 on the SPX (40 or so points higher on the ES). The obvious target of big support is from the 6/16 prior high, which is 6109 on the ES, but the 20 day SMA is at 6134, so "in that zone" would be the most likely spot to end the C wave inside a (likely) larger A wave down.
Have an blessed day.
