The dow in particular is setting up a very clear H/S formation on the daily cycle.
IWM
NYSE
Dow
Sp
Transports
Summary
A particularly weak day for the tranny. I'm not sure why this is, but the 'old leader' is probably just warning of trouble ahead - as it often does. We'll see if the rest of the main market catches up (or rather...down) in the next few days.
Whether sp'1374 holds, I'm really not too overly obsessing over. It is viable, but increasinly unlikely. The last real chance for 1375> is tomorrow or Thursday. Bulls need to keep pushing this market up..or it'll quickly fade - just as we saw this morning.
Under no outlook do I foresee the market breaking over..and putting in consecutive closes >1390.
If you think back to May..when the big wave'1 down began, I was noting the 'huge resistance zone' of 1375/80 - that is probably still a factor in the next few days.
Those good bears who have been patiently waiting on the sidelines since the recent 1325 low, its almost time to start hitting buttons.
A little more later.