Today's rally is likely to spark some optimism that we are once again heading higher. Buying right now is a dangerous thing. If you are bullish it is worth it to wait for a break to new highs if it occurs (close>957). The odds of this is much lower than the chances of a decline.

I warned that the market was likely to hold up pretty well till the end of the month, and so far it is has done that. It is highly likely we will see a strong correction as we start July. This does not mean plow short. It means wait for the signals on the short side. From the lines on the chart you can see where the a few possible entries are, as well as stop levels if the market does in fact move down.

The initial target for the market on the downside is 820-800.

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~Cory Mitchell, CMT