Since the beginning of the year the US Index gained over 1.0% but last week rallied more than 1.0% and is in a distribution phase since mid-August. Last week the Index initially fell but found enough support at the 50-week moving average to turn around and closed near the high of the week, however closed within the previous week range, which suggests being slightly on the bullish side of neutral. It was a week where bulls displayed some strength showed by the wide-spread week, although not enough to close above the previous week high. Stochastic is showing a strong bearish momentum however is setting lower lows while price is making higher lows, signs of a potential hidden bullish divergence. Expecting an upward move to the higher end of the consolidation zone at 1,415.59 on a break above the previous week high at 1,380.5 (scenario 1) however a break below the 2017 low at 1,332.0 may trigger a bearish run down to a weekly support at 1,292.0 (scenario 2).