(22 JULY 2020)S&P 500 Bullish bias above 3238.00.

<p>Pivot</p>
<p>&nbsp;(invalidation): 3238.00 Our preference</p>
<p>Long positions above 3238.00 with targets at 3277.00 &amp; 3293.00 in extension.</p>
<p>Alternative scenario</p>
<p>Below 3238.00 look for further downside with 3214.00 &amp; 3198.00 as targets.</p>