Momentum continues to weaken

Despite a net monthly gain, along with a new historic high of 2134 for the sp'500 in May, underlying momentum is continuing to swing (if slowly) back toward the equity bears.

sp'monthly9

Summary

Underlying MACD (blue bar histogram) has started a new month by ticking lower again, and is now negative cycle for the fourth consecutive month.

Even if renewed strength to the sp'2160/80 zone in mid/late June, momentum will remain moderately negative, and certainly favours the equity bears.

A sig' retrace for US/world markets looks due this summer/early autumn.

From there, renewed upside into 2016.. and probably all the way into 2017 looks probable.