S&P 500 - Intermediate Term Trend Since the May 20th lows the market has rallied back up into its Fibonacci retracement windows (DJI, SPX, IWM, QQQ), where it is currently drifting sideways to higher, becoming more overbought by the day. A turn down to new lows is expected before July 4th weekend and most likely before the next Fed meeting. Coincidentally (or not) per chart below, the next FOMC meeting is now ten days out.
