Since the beginning of the year, the US Index is running flat with a minor loss of 0.14%, additionally last week ended flat with a minor loss of 0.07% and made a phase change, shifting from a bullish to a warning phase. Last week the index tried to rally but found enough selling pressure to trim all of its gains and closed near the low of the week, however managed to close within the previous week range, which suggests being slightly on the bearish side of neutral. Stochastic is showing bullish momentum although is still below the 50 mid line. Seems like the SP 500 index wants to retest again the 50 Fibonacci retracement at 2,558.62 that is also in the confluence of the 50-week moving average that should act as a dynamic support, all indications that 2,558.62 continues to be a key inflection point. Expecting a downward move to a Fibonacci retracement at 2,558.6 on a break below the previous week low at 2,659.50 (scenario 1) however a break above the Fibonacci retracement at 2,727.39 may set in motion another bullish run up a weekly resistance at 2,803.50 (scenario 2).