Monthly S&P chart shows a bigger picture. Love keeping an eye on this. Note the Darvis Box pattern that lasted 14 months last time. We could have one forming here and that would mean lows could occur to 2600 area, with flashes below. Not saying a trade deal would potentially break out to the upside but the double top on the macro markets, even with it being political driven, isn't something to ignore.
We have an election year ahead and the huge bulls might have reduced their plans to trend higher due to short-circuiting available time to get it done and exit before full blown election pandemonium strikes. Markets are not readable right now. Futures down 20 could break down for a flash below 2800 on a retest, fail or open low and rocket higher. It's a cluster and CSCO could be a catalyst upward after the close.
No huge positions but some lower cost options out to late June, like we did on JD are worth the risk/reward.