In summary, the market seems a bit tired, but SP continues to hold above support. So the bulls remain in charge unless SP breaks down below support at 3130.

In summary, the market is deciding where to go from here to make a strong directional move. Markets move violently to their place, and calmly in place. For now that is a trading range market until one camp or the other can get enough momentum going to engineer a breakout.

The market is still bullish unless the support is broken.

Market still sidways, but don't complain:

“Sister, there are people who went to sleep all over the world last night, poor and rich and white and black, but they will never wake again. Sister, those who expected to rise did not, their beds became their cooling boards, and their blankets became their winding sheets. And those dead folks would give anything, anything at all for just five minutes of this... So you watch yourself about complaining, Sister. What you're supposed to do when you don't like a thing is change it. If you can't change it, change the way you think about it. Don't complain.”

Ready to take off ?

Which way ? One way or the other, but be ready for a large directional move when we do break out. On your long equity positions raise stops and enjoy the ride.

Just about every asset across the board has put in reversal or outside day down. If we don't see follow through with strong momentum to the downside, then we could have a bear trap.

QQQ

 Bearish divergence, divergences against the trend are usually short lived, but worth noticing in the context, also often after three pushes up there is an ABC formation. Coming week will be an important tell one way or the other.

After a historic capitulation low, commodities appear to be firming and we could see early stages of a bull market rally across the board in commodities.

Happy Canada Day !

Maximus

Ninja