The stock market will have to live with the frustration that a trade deal between the US and China will not be signed anytime soon and it may become «l’Arlésienne» as we describe this kind of situation in french. Our model continues to improve: we observed active hedging activity in the option market and our buying/selling index and our fear/greed index are measuring renewed skepticism in investor’s mind, this is positive. In our opinion, the stock market is trying to establish a trading range for the summer and may well test the lower boundary in the 2800 area.