S&P 500 has been quite negative during July

The S&P 500 has been quite volatile throughout the week, but it would be remiss not to point out that it ended with a slightly negative candle that has rebounded. In other words, while we are not entirely neutral, it certainly looks like the market is trying to recover. This trend can be observed across all equity markets, suggesting it's only a matter of time before we start taking long positions again.

Breaking above the 5500 level should open the possibility for the market to retest its highs. If it breaks down, I see massive support at the 5300 level.