Whilst the main indexes like the Sp'500/Dow'30 do their thing, it remains important to keep in mind the old leader. - the Tranportation index, aka...the tranny.
Transports, weekly
Transports, monthly, 6yr
Summary
As the monthly shows, the key levels are very clear, bulls will seek a monthly close over 5500, bears will want a monthly close under 5000 (the 4000 level is the long term ultimate support).
So, lets see how we close August, as things are, it looks like we'll again close within the trading range that has held since the start of the year, its pretty remarkable really.
Goodnight from London