Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Pause Refreshes or the End of June-July Rally?


After popping above its May 22 down trendline at 1630 earlier today, the e-SPU has stalled, but it is consolidating above 1630, which remains a very constructive technical sign.

That said, after its 86.25 point and 5.6% rally since June 24, we have to allow for a digestion/correction period to emerge to work off its near-term overbought condition.

As long as the e-SPU holds above 1627, the action off of 1639.50 will be considered a high-level digestion period ahead of another thrust to test the June 19 rally peak at 1149.

On the other hand, weakness that breaks and sustains beneath 1627 will argue that a deeper correction is unfolding, that should press the index to 1610/08, and if violated, to 1598/94.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!