The "W" price pattern discussed last week is still in place, as is a 0.618 Fibonacci retracement from the May 10th high. If the Dow and its friends were to turn hard down, this is how it would look just before the reversal: On the other hand the S&P 500 looks to be breaking out above its own "W," and moving up toward its all time high. The stage is being set for either a robust advance, or a hard leg down, across the entire stock market.
