Since the beginning of the year, the US Index gained over 1.0%, additionally last week ended flat with a minor loss of 0.37% and is in a bullish phase since early May. Last week the index fell with a narrow range and closed near the low of the week, however, managed to close within the previous week range, which suggests being slightly on the bearish side of neutral. Stochastic is showing a strong bullish momentum and crossed above the 50 midline. Seems like the SP 500 index is trying to grasp above the 2017 high at 2,697.50 although it seems to carry on trading within a symmetrical triangle without any strong conviction. Volatility appears to be shrinking as we approach the end of May. Expecting a downward move to a 38.2 Fibonacci retracement at 2,634.06 on a break below the previous week low at 2,700.25 (scenario 1) however a bounce from the 38.2 Fibonacci retracement at 2,634.06 may set in motion another bullish run-up to the 23.6 Fibonacci retracement at 2,727.39 (scenario 2).