S&P 500 - Indecision Today? Longer Trend Still Going Long

There seems to be some hesitation today on the S&P 500, a nice little Doji Star was left on the charts after the market close today. Those stars can be an indication of market indecision and a possible change in direction. 1650 was the range where the last upswing ended after the May 22nd Fed comments took some luster off the markets. We could be getting into a pattern of lower highs and lower lows heading into the traditionally weak autumn. 1540 looks like an interesting shorter term support level this summer...and

...1500 looks significant on the weekly chart. The upwards trend on the weekly chart is still intact and that being long is still the dominant trade to have. If the short-term chart breaks again and 1540 is broken watch for 1500 on the weekly chart....it that is broken it could be a tough fall.