Since the beginning of the year, the US Index gained 1.5% although last week manage to rise more than 0.5% and is in a bullish phase since early April. Last week the Index initially rallied but found enough selling pressure to trim most of its gains although managed to close in the green but near the low of the week, additionally closed slightly above the previous week high, which suggests a weak bullish momentum. The stochastic is showing a strong bullish momentum and is setting lower highs while price is making higher highs, signs of a potential bearish divergence. Seems like 1,619.0 (2018 high) has been validated as an inflection point / resistance due to the sharp price reversal that it made. The index tried for a third time to rally toward 2018 high but failed once more as sellers came in and pushed the price back down. Expecting a downward move to 38.2 Fibonacci retracement at 1,509.4 on a break below the previous week low at 1,552.5 (scenario 1) however a bounce from 38.2 Fibonacci retracement at 1,509.4 may trigger a bullish run to the higher zone of the weekly support at 1,561.8 (scenario 2).