Market Summary

The month of July prove to be the best month for the market in a long time and put an end to the downtrend that began with the high in June. And while the weekly chart of the SPY shows a series of higher highs and higher lows since the beginning of July the last week of July was more like a doji with the SPY opening the week at 110.60 and closing the week at 110.27. A doji is a sign of indecision and the market is between the 50 and 200 day moving averages and it will either breakout or breakdown. The daily chart shows a breakout of a falling wedge pattern which is bullish however which way it goes we will just have to wait and see. Click on chart to enlarge.

While price performance shows little change for the week which is typical of a doji pattern for the month the oil index was up over 12% and both the EEM and EFA were up 10%. Click on table to enlarge.