The bearish reversal in June is no more. The bulls have managed to correct the ship and put together a bullish reversal of their own.
With strong price action over the last three weeks, market behaviors confirms the reading on the SPRI.
So, I do expect that in the coming week or so we’ll test the all-time highs on SPX and likely push higher from there. The downside risk remains earnings for now and whether the stocks like Amazon (AMZN) or Apple (AAPL) blow up their reports in a similar fashion to Facebook (FB) and Netflix (NFLX). If the market can get through that, it should be some nice waters for trading.
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