Closing Brief

The main indexes closed moderately lower, the first negative daily close in 9 days. With the Bernanke due Wed/Thursday, and opex on Friday, we could just churn sideways for the rest of the week. Underlying pressure remains to the upside...bears remain exceptionally weak.


sp'60min

Summary

I can understand if some will call today the start of a new down wave, but really...weekly charts are still powerfully bullish, with broad upside likely into early August.
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*I remain content to sit on the sidelines, not least with the printing maniac due for his little 'chat' with the US Govt. tomorrow.