Market action for Tue 6/30

Monday's ramp job changes the bearish scenario for July. Unless the market closes below SPX 900, downside is likely to be limited going forward. Assuming SPX closes above 911 for tomorrow, what looks possible though is another attempt at the 950s with a possible peak of 968 to 976 for July. The invisible futures buyer is still holding up the market and they sure know what to do. If we close higher tomorrow, we are very likely to have further upside for the rest of the holiday week. Depending on market action tomorrow, shorting the close might be a good strategy for a down day on Jul 1.