SPX Weekly Chart - 15 July 2011

     On the weekly time frame my expectation of topping action continues unaltered. This week my main focus will be on how the cash SP500 interacts with the short (red) and medium (blue) moving averages. Will they provide support to the market? Or is it possible that the 'y' pulse rally is complete?
     Bottom Line: At this point I think we will see; when all is said and done, generally sideways movement over the next couple of weeks. At that point it may be time for the next directional move. The allocation meter is at +50%.