S&P 500 expected to bottom late Sept/early Oct; bearish next cycle likely unless >7714.

Now, let's begin this analysis of the stock market, starting with the S&P 500 index.

So, the S&P 500 index is telling us here that this decline we predicted has happened.

But, this is the S&P 500 index. Currently, with the momentum slowing and the cycle forming negatively here, I give weight to a good probability that this weekly pattern here will not bottom out until the cycle bottom here, which comes in late September or early October.

So, if the market starts to rise and breaks above 78.6, there's 7714, let's define that as the number that will turn things around to become more positive, 7714 on the S&P 500.

That's the number I'm watching, and at the moment, some evidence suggests that it might not be able to rise above that, and that the next full cycle here will be bearish, and I'll show you what supports that in two minutes.

If you look at the S&P 500 index and the momentum situation here, you can see that the options bias indicator is neutral, and this has remained in the red and given a negative momentum signal on the S&P 500 index.

In trader mode, you can see here that what we are looking at is SPY and QQQ, they were actually... sorry, I'm in short-term mode. I want to move to the medium term. Their rating dropped from slightly upward to neutral on the 10th and 14th days.