Simple charting. First target is usually the last point price touched the Trend L. Second target it the pullback = width of the channel
Everything is possible, but with all else equal we could be going up. RSI has been consolidating for over 65 days for a major move up/down. The only thing is kind of scary right now is Covid -19 or lock downs to fight it. With out these two points it could be for the Bulls to get control here. It sounds unreasonable with overbought indicators and over valued...
SPY looks to be forming a descending wedge. I will be watching closely for a break out of this wedge to go long. Let's see how this plays out the next few days with potentially more stimulus being announced.
VIX: Post-NFP Intraday Range 13:46:41 (UTC) Fri Jun 5, 2020
$ES holding major support at 2375.75. Past IMTF Cross holding.