It was just another day for the US equity market, breaking a new cycle high of 2116, a mere 18pts (0.9%) from the May high of 2134. It remains incredible to reflect upon the fact that the market has seen a hyper ramp of 245pts (13.1%) across just 26 trading days.
Suffice to say.. a retrace remains due.
First soft target is the 200dma in the 2065/60 zone
Sustained action under the sp'2K threshold looks highly unlikely for the rest of the year.. and almost equally likely... first half of 2016.
Wed' will ADP jobs, EIA report, PMI/ISM service sector, intl. trade.
*amongst a number of fed officials set to speak... Yellen will appear before the US congress to talk about regulatory issues.
Goodnight from Lonond