The Bear Market for the S&P 500 Started in Early April (SH, SDS, SPXU)
The economic data is turning sour, and the momentum has been waning for months. The S&P may work a little higher in July, but the risk isn't worth it. August and September are shaping up to be weak months for the markets. There is similarity to last summer when the markets whipsawed for months, and then suddenly plunged in July/August 2011.
Charts will be coming shortly to show that the next support level is near 1200 S&P, and that is likely by hit by mid-September.
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