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Daily chart

There is still a 4535 level, we can go there, and turn around from the current ones. It's hard to say for sure yet because both scenarios have their pros and cons. To confirm the reversal, you need to make a clear downward impulse, and to start passing 4196, the next resistance level will be the trend (black).

5-hour chart

The chart shows the correction channel, we are close to the top. There is a level of 4511 (if size W=Y). Breaking the channel down will be a strong signal of the end of the correction (2), there is also approximately the mark 4196

The fundamental factors are the same: deflation (economic crisis) and liquidity problems. 

After raising the debt ceiling, the US Treasury sharply increased the placement of bonds, which means a strong withdrawal of liquidity

On Friday (30.06), inflation data came out much lower than expected ( 3.8 instead of 4.6), which indicates the approach of deflation. At the same time, the producer price index (a leading indicator) of some leading countries is already "in the red."For example, Canada.

Germany 1%.

Also, many other factors were considered in previous reviews, they have not gone away. 

Conclusion: There are still levels to which growth can continue, but in general, the top is somewhere very close and a reversal can begin at any moment, so it's worth carefully monitoring the movement and looking for points for a short. The charts show important levels of confirmation of further decline, the main one being 4196.

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