short-term, looks for an attempt to rally around the 880 level on the S&P 500 index. But as our “U.S. Market Trading Map” indicates, the rally, if and when it happens, could be short lived. In a longer term, market is fast approaching key inflection point as we’re heading into second quarter earning season. Right now, all indicators point to a break to the downside, so we should be prepared for more weaknesses over the next couple of weeks.

短期內我們預計標普500指數在880點附近會嘗試反彈，但正如我們的“美國市場交易地圖”所預示的，即便出現反彈，也將是非常短暫的。從更長期來看，隨著我們進入第二個財報季，市場正在快速逼近一個關鍵轉折點。目前所有的指標都預示著向下突破，因此我們應該對未來兩周市場繼續走軟做好準備。

our “U.S. Market Trading Map” has been projecting a neutral or sideway trading pattern on the S&P since late May. As shown, after a strong run of outperformance since late March, the S&P stalled at 950 and traded down to the high 880s before rebounding. That level was also the peaks of the prior rallies in February and May, so we should expect it to act as strong support going forward.

我們的“美國市場交易地圖”自從5月底以來對標普走勢的預測為中立或橫向運行模式。如圖所示，自從3月份開始上升行情以來，標普在950點附近掉頭向下，跌至880多點之後開始反彈。這一區間同樣是今年2月份和5月份的前期高點，因此我們預計它在接下來的行情中將提供強大的支撐或阻力。