Looking at EUR/USD and AUD/USD I believe stock market will go higher next couple of week till next Non Farm Payrolls release which most likely show very different unemployment from what was shown in May.
Most likely it is building a complex correction of W-X-Y, where W and Y have 3 waves structure with A = C, therefore I am expecting 3,400 to the the target.
Just to give a sense of follow up of the the current market correction, look at APPL chart, it is completing 5th of 5th, so the next move down will be very big (normally the low of 4th wave). Similar picture across all big names - they are all in their 5th waves, when they start to "correct" nothing good remains to buy.