tuesday thoughts

Was that the top in the US.

I believe it was the ideal date, and with our market's top last Friday we have a possible straddling of the weekend new moon.

However, targets were so close and yet no cigar.

Dow was 10 pts shy of 14,000.

SP500 was 3 pts shy of 1559.

XJO is 18 pts shy of 6454.

SPI is a much larger 32 pts shy of 6484.

US targets may be achieved tonight although going by 4 hr indicators, Wednesday night might be a better candidate.

Of course they may not be achieved.

For those who feel the markets can roar up from here, I include a monthly SP500 chart with a 3 period dynamic indicator.

The yellow solid lines are support and resistance and determined by the previous bars, so the current months action does not move them.

This month's resistance is 1557 and while anything is possible, the norm is to stay within limits and any moves beyond are limited and mostly close inside anyway.

We are therefore at the point where any move higher has all the risk and little reward, at least in July .