Remember the anatomy of June lows?

Price action (and sentiment) in early June was very bearish. SPX broke below key support levels and fear reached panic levels, but the market decided to bounce right back above the breakdown level and then continued to squeeze hard. We saw a similar move in the SPX on Friday, where SPX managed to reverse, causing max confusion for the crowd. The initial squeeze in mid June was around 7.5%. If we were to see a similar move we could be looking at 3850/3870 in the SPX.