SPX - Intermediate outlook

Last month my preferred scenario for the intermediate term has not changed.
The market closes today with the biggest weekly decline in more than four months; the break of 1430 support does not worry too much if the index does not accelerate and keep 1420 level.
The current pattern looks like a sideways of minor degree (x) and could be a flat, a complex, a three or even a triangle.
In these market conditions, it is better to be underweight but ready to return long on leading stocks.
Below my preferred scenario, and the first alternate (very similar).
Have a great weekend!

PREFERRED SCENARIO

 

FIRST ALTERNATE SCENARIO