This is the June 2019 contract and the next one will not be until September 2019. The March contract has expired. Right now this pattern fits well with the Nasdaq but the DJIA is marching to a different drum beat as its correction is far from clean.
The big question will be, “Is it just a correction” (Dip) or will it take out (Retrace) the entire bullish move of 2019 ? A bearish move below the 2320 price level would be a complete retracement and help confirm that this bullish mood was just a big bear market rally. The 2790 price level seems to have importance as the SP500 has wobbled around that number 4 times already.
Of course, if the stock bears are just taking a coffee break before the next attack, then this 2790 price will never hold. Right now we also have another small H&S being set up.
The commercials are net short the SP500 but not by that much. This could make things pretty volatile at least in the short term. Until this market gives us a decent looking correction I will remain bullish, even though the markets could still go higher.
This planet is suffering from a massive overdose of debt and corruption that is not going to get fixed this year, or next year, or the next! 🙂 Solar cycle #25 will come to the rescue, but that might not happen until late 2020!