Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

S&P 500 – Lackadaisical Uptrends Continue

by David G. Hawkins

I'm showing here the charts of three timeframes - long, intermediate and short term (monthly bars, weekly bars and daily bars) - in that order. It appears to me that the market, on all these timeframes, has hit a kind of summer doldrums. The first chart (monthly bars, long term) is behaving much as I commented on in my June 2nd post. The next two charts, weekly & daily bars, continue to exhibit the lackadaisical uptrends I discussed in my last post here.

The only new observation to make would be on the 3rd chart here, short term (daily bars). We see that this lack luster uptrend keeps coming down and bouncing off the S1 curve launched in early June. Multiple bounces off an S1 could be the pattern that Paul Levine called the Foothill Pattern which I've discussed here before. It often is the setup for an explosive new uptrend. So, this is a possibility we should watch for.