Another day, another cycle high

It was just another day for the US equity market, breaking a new cycle high of 2116, a mere 18pts (0.9%) from the May high of 2134. It remains incredible to reflect upon the fact that the market has seen a hyper ramp of 245pts (13.1%) across just 26 trading days.


sp'weekly1b

Summary

Suffice to say.. a retrace remains due.

First soft target is the 200dma in the 2065/60 zone

Sustained action under the sp'2K threshold looks highly unlikely for the rest of the year.. and almost equally likely... first half of 2016.
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Looking ahead

Wed' will ADP jobs, EIA report, PMI/ISM service sector, intl. trade.

*amongst a number of fed officials set to speak... Yellen will appear before the US congress to talk about regulatory issues.
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Goodnight from Lonond