There you go again with either/or proposition: It could go up but it could also go down. C'mon, make up your mind. Yours kindly, Your friendly short seller.
What is the Fed's history of cutting interest rates when the stock market is at or near all time highs? Seems reckless, doesn't it?
1m chart (delayed, from CME site) shows "Z" contract has not traded at 5630 (since Sept 3) Are you attempting to enter the trade via a Stop? Where would your stop (for exit) be if filled?