Flash Market Update

Since the VPCI W bottom on June 21st, the bulls have taken short term control of the market. Two weeks ago, we noted the positive divergence between upside volume and price which played itself out strongly this past week. Despite the strong bullish tenor of the market this past week, capital flows were positive yet weaker relative to the price action. Additionally, we are meeting near term S&P 500 resistance here @ 4000 with more resistance again @ 4100. Overall, the markets have moved swiftly higher over a short time frame and could use some rest and refueling to overcome these upcoming resistance levels ahead.