How Steve Miller’s view on $SPY changed

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.

even if the S&P 500 manages to reach a new record high, it is likely not to be a very large record high.

because the S&P 500 is only 4% below its record highs. This is not what usually happens at a point where there are many cycles that form bottoms. This is another thing that makes me think that this positive scenario I am presenting to you here may be less likely.