The importance of the monthly 10MA

Whilst equities saw a significance bounce from the Monday low of sp'2063 to 2095, the bigger picture remains increasingly bearish. There remains a high chance that the market will see a monthly close under the 10MA.. currently @ sp'2066.


sp'monthly1b

Summary

I think the chart and annotations speak for itself.

Suffice to add... if we do get some degree of sig' correction under sp'2000 this Aug-Oct', what then follows will shape the following 2-3 years.

*The Transports and Dow are already below their respective 10MAs... but frankly.. I'm tired... and I can't cover all the indexes in every post!
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Looking ahead

Wed' is Fed day, the FOMC announcement is due at 2pm.... but there will NOT be a Yellen press conf'.

Data: EIA oil report, Pending home sales.
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Goodnight from London