Moderate weakness

With the weakest closing hour in at least a month, the monthly MACD cycle has ticked back to negative. Broadly though... the sp'2200s remain due.

sp'monthly

Summary

Little to add.

We've back to MARCON 6... but the fact we've recently seen the 7s is testament to the very important new historic highs in the sp, dow, and nasdaq.

Back to 7

With a minor net daily gain of 4pts to sp'2186, the monthly MACD cycle has ticked back to fractionally positive.

sp'monthly9

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An August close in the sp'2190/2200 zone looks... probable.

A little choppy

With the Yellen set to appear at Jackson hole this Friday, price action is increasingly choppy. The bigger monthly MACD (blue bar histogram) cycle has ticked fractionally negative. Underlying trend remains upward though, as the sp'2200s remain due.

sp'monthly