Latest study on the S&P500 index reveals the following setup,

Ladder short – up to $114, place a stop at $115 : intent for possible hold into Q4.
A big volume up day would negate, but I suspect the next outlier to be red (again).
I cannot fathom the cause for a runup on volume..

20% long / 30% cash / 50% short = target allocation

click image to supersize

Note the positioning of a 987day EMA at the top of my fibonacci moving average ribbon.
Present value $114ish , it corresponds with the January high (left shoulder).

Look for this to put a cap on the summer rally.