My prior view was a 'low probability' scenario of an extended, consistent sell into midterms (doomsday scenario). Viewing other macro charts (DXY, 10Y, NQ, CL, NG), and data sources (primarily inflation and shipping data), I believe that we will get an extended summer rally to a minimum of 4360. If the bottom was not set today, I'm eyeing 3966 (primary entry), 3930, 3924 as entry levels below into Wednesday if today's low does not hold. The pace of this bounce is tough to pin down but I'm imagining a quick first few moves and a brutal extended consolidation before falling into midterms. Not an easy market, likely swing and a miss.
