The Dow is at a key level, wondering where to go. Today it gapped up to 35,069, up about 100 points, but has been unable to hold 35,000, trading lower part of the session. At the same time, IWM (Russell 2000 ETF) has been in almost free fall for the past two weeks. Meanwhile the S&P and Nasdaq have been making new highs. The resolution of this tug-of-war between the indexes will likely set the stage for the rest of the summer and into fall. Once we have a winner, expect new trades in the direction of the trend, up or down, I don't care.
