Our analysis for the coming week is for the S&P 500 (SPX) to trade in a choppy range, setting the stage to begin to roll over. The shifted cycle for the Russell 2000 will provide some downside pressure, as the cycle ends this week. We expect the SPX to begin the declining phase for the current cycle this week. Our near term target is the support zone between 2900-2911. Beyond this week, we see intermediate term risks increasing.