Only with a close over 1340..and more decisively 1363, can the bulls start claiming the trend is back with them.
IWM, bearish outlook
Dow
Sp, 4mth view
Transports
Summary
From a MACD cycle point of view, we are still in a broadly negative situation for the indexes. There is nothing yet that would greatly concern me about any further upside. Only a close above 1340 would have me reassess my downside targets for July.
The red line..still under the green line!
Despite the minor wave'2 up from sp'1266 to 1363, the 10 day MA is still under the 50day MA - this is bearish! If the market can close Friday at least in the 1310s, that should prevent the 10MA from crossing the 50, and getting what would be a very bullish cross.
Hold the Line
Bears certainly need to hold the line at the 1335/40 zone, with no closes above it! We have more econ-data both tomorrow and Friday, so Mr Market will have some fundamental things to consider - even if the EU rumour machine starts up again.
A little more later...