Stock Market -- Weekly

Fundamentals
My weekly cyclical fundamental indicator (WCFI) fell slightly last week, but remains in a mild uptrend. The SPX has outpaced the WCFI by a significant margin since the early Jun. start to
the recent rally. Despite the new QE program, Fed Bank Credit remains in a firm downtrend.
This downtrend is widely expected to reverse shortly with the fresh QE and it is anticipation
of that event which has been the primary support for the rally. With very short term fundamentals
 unimpressive, the rally in the market remains "on the come" fundamentally.

Technical
The weekly SPX shows a well established up move in the market with confirmation from the
indicators. The market is moving into overbought territory, but there is no "bell ringer" signal
as yet that profits need to be booked. SPX Chart