The post- election rally in the SPX to new highs has had a close call or two but has retained its
footing. Breadth and volume have remained OK, but price momentum both for the SPX and
issues seen individually is waning. As July wears on the SPX will have to maintain weekly
closes above 2400 to keep the rally intact. A break of trend from the 2/16 base would require
stronger corrective action, so if the SPX falls short of 2400 on the weekly closes, it need not
be fatal. My weekly cyclical economic fundamental indicators are breaking a bit weaker and
this suggests the upthrusts in these data sets which provided major support to the market since
early 2016 may have ended. However, to date, the flattening of forward looking economic data
in evidence over much on this year has not undermined the SPX, so we'll have to see whether a
breaks of trend in theses data composites threatens investor confidence. SPX Weekly
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