The chart presents a moderately bearish picture for the near term that is further mitigated by bears’ struggle on Friday to hold the futures beneath the midpoint support at 7677.25.  They ultimately failed, implying that any additional progress down to d=7516.00 will be challenged by dip-buyers every step of the way. I expect this gasbag to flirt with record highs for the next month or so, buoyed by short-squeeze head-fakes whenever DaBoyz get the chance.  At the same time, weakness in the Lunatic Sector will persist, with little likelihood that the egregiously misnamed Magnificent 7 will make new highs. In summary, this describes a 17-year-old bull market ending with a whimper rather than a bang. All that will change when the dip-buyers are confronted with an avalanche that will make the covid sell-off look like tea and crumpets.