short-term trading pattern on the S&P 500 index exhibited a top formation, which suggested that a meaningful correction could be underway. What this means is that the spring rally seemed to have reached a peak so we should expect at least a test of the 880 level on the S&P 500 index.

標普500指數的短期交易形態發出見頂的信號，意味著可能出現深度回調。換句話說，從3月份開始的這波行情似乎已經見頂，預計標普500指數至少會測試800點的位置。

our near-term work on price and momentum pattern suggested that the rally that started from Wednesday low could be the beginning of the new up-leg that points to a test of June high, around 950 on the S&P 500 index. Although tomorrow is the quadruple expiration of futures and options so we could see a pickup in volatility and thus some wild intraday swings

我們認為標準普爾500指數從週三低點開始的反彈將上探6月高點950點。週五是第二季度期貨與期權到期日，預計市場的波動性將有所增強。

the closely watched 880 level in the S&P 500 index is the line in the sand so keep that level in mind as we’re heading into the holiday-shortened trading week. What this means is that the key test will be the reaction of any price dip below 880. A rebound from that level continues the rally while a sustain decline below it would be a definite breakdown in the stock market.