From a "Three Peaks and a Domed House" perspective, the question has been for a while now, where is the point #22, the one that precedes the run-up to #23, the final top?
Was it 1737 SPX? Or 1814? It might very well be the 1904 low we set the week before last. That would set us up for a megaphone structure up here that would finish with a kissback off the 1985 level going into September FOMC.
I'm thinking that the September FOMC is the point when the market finally gets it through its thick skull that the QE experiment is wrapping up.
|Megaphone top, please|
And here's a black bear I spotted out in Olympic NP last week.