Searching for a Trend

The market is still trying to find a trend as Monday’s 25 point SPX loss was regained today.  Last of the month and quarter end window dressing?  Will the market find a trend in July?  You can’t guess right now.  Today’s rally could be just as quickly reversed tomorrow.  Note the bounces off their 50 day moving averages in AAPL, GOOG, the SPX, QLD and others.

SPX will have to clear 927 with conviction for me to believe we’re heading back to 950.  If it stalls, we could be setting up the right shoulder of a head and shoulders pattern.  One day at a time in this market.