The Spiders.....
The Spiders are at support!

Hitting the multi-year support level is a key level if this bull market is ready to advance. Price movement MUST stay above these levels or else a major downtrend is in the works. RSI and Stochastic oscillators are suggesting that this recent correction has run its course.

The only factors that will have an short-term affect upon the market would be the next Fed decision or the Iranian nuclear situation. If the Fed decides to increase rates or the Iranian situation boils up, the market will take a negative tone and possibly head lower. If the Fed pauses or the Iranian situation improves, look for the market to sustain the current levels or push higher. Either way, these are the only two effects that will push the market in either direction for the rest of the summer. Also, with earnings season right around the corner, it will be interesting to see if companies are still seeing a healthy amount of profits.  ¶ 10:18:00 AM