S&P 500 INDEX SELL SIDE BIAS S&P 500 IndexTVC:SPXGANVITHSPX According to the timing and previous chart data, a retracement of around 20% has consistently occurred after a certain period. The current macroeconomic news also seems to be aligning with this pattern. With U.S. debt crossing $40 trillion, heavy pressure in the U.S. bond market, and countries selling U.S. Treasuries to protect their currencies, including Japan, the overall setup supports the possibility of a significant retracement. Both the chart structure and macroeconomic conditions are pointing toward a potential ~20% correction, followed by a possible upward move if the long-term trend remains bullish. Foreign Treasury holdings fell to $9.299T in June, with Japan, the UK and China among the largest contributors to the decline. Japan's holdings fell 2.3% to $1.116T, while China's fell to $633.4B, its lowest since 2008 The U.S. 30-year Treasury yield recently reached 5.337%, its highest level since 2007, showing significant pressure in the long-term bond market.