IQ, I just don't see any kind of significant up-move on the DOW, SPX, NDX, DOT, or IIX this summer. SPX looks weak. I see a nasty Diamond pattern on the DOW weekly chart, which appears to completing the formation. If it weren't for the heavy tech weighting, the SPX would be down a lot more for the year.
I think that any kind of positive rally this summer already happened, starting last month with the QQQ, which is already coming to an end IMO.
Earnings are what's going to drive this market, and I'm seeing too many big tech companies warn, going to miss, or bomb due to concensus changes. There is no real conviction out there either to drive up prices. The outlook may look great to analysts, but slowing economic growth means lower earnings. How can that be good ?
Just my non-technical thoughts
Twick
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