The Monthly bar shows a 3 month balance. The trade location represents an asymmetric opportunity. The market could look above and accelerate or look above and fail. The destination trade would then become the other end of the balance. Lets look at the Daily Chart below -
The Daily Bar shows the S&P 1-timeframing for 7 days straight. Price came within 1 tick of the May 22 all time highs today. This is clearly not a sign of longer term trading money. In the event of a correction - the 1648-50 should offer 1st level of support and below that the 1620 area. Lets look at profiles next -
During this rally - the market has left some very poor structure that is in need of repair. I have highlighted at least 3 prominent POCs that have not been visited, a very poor low, an 8 point Gap below (gaps are a form of excess) - this in addition to a lower 3 point gap around 1628.50 -1631.75. Monday's high was poor - this could be a sign of market that is too long. Failure to take this high out with conviction could see a rapid correction to at least the 1660 area. A failure above the 1679-80 level could have a similar outcome. Given the poor structure below - the odds are high that we see a significant pullback this week. For tomorrow, the first sign of change will be acceptance back below the afternoon pullback low of 1675.75.