The market is still making higher highs and lows. No correction yet. If the market stays above the June 1 low over the next 5 days, we may see the market trade above 960 in the usually bullish last week of July. For any downside correction to occur, we must first see a lower low on the 30 minute chart.
Some breadth indicators are showing a slowing in momentum. Underlying momentum, however, is always way ahead of the game.
VIX is bullish, but has not traded below the 7/15/09 low.
10-year yields are rising, which is bullish for stocks, but yields are below the early June highs.
Bernanke talks Tuesday and Wednesday. Leading Indicators at 1000 ET.
Charles
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