Market Update

It is second day of gains for equities. SPX futures are continuing to trade within the uptrend channel established over the last two sessions. We are at the top of the channel, with pivotal speech coming up on Friday. I have been a doubter of the rally, and still am. But no reason to fight it, just wait for a rollover if bearish. Free time while waiting comes handy during summer month. Relax and wait for a signal, we will trade fast and furious once the price breaks down below the channel. Worried longs will puke and confident shorts will pound the markets. We have to retest the 1077 ES_F low to be sure there is nothing else below. I still think the selling is not over yet...