Pieces of the Big Top

We are refining and moving up the end date for the rolling top.  We now see it ending in the last half of September and see the following pieces as a two part structure. 

Briefly, the market top is developing as a two part structure, the  May 22 – July 19 swoon/recovery period, and the July 19 – September 19 marking time period. 

In this latter stage the market, basis the S&P 500, will probably try one more run to the upside at 1677.  Support remains at 1609 and 1643 is now the swingpoint.