Monday July 2nd, 2018 by Mike Paulenoff My BIG Picture chart view of the Cash SPX shows the messy, sideways pattern that has been carved out off of the Jan. 2018 high at 2872.87, which certainly looks like a digestion period in the aftermath of the powerful upleg from the 8/21/17 low at 2417.30 to the 1/26/18 high at 2872.87 (+19%). Within the 6 month, 2018 digestion period, let's notice that all of the action off of the 4/02/18 low at 2553.80 represents a uptrend-- a series of higher-highs and higher-lows that remains the dominant feature of the last three months of trading. With the foregoing in mind, as long as the series of higher-lows remains intact at 2691.99 (6/28/18), from a strict technical perspective, the bulls will be in directional control. However, a break of 2691.99 will at the very least neutralize the post-April uptrend, if not morph the 2018 pattern into a potential top. In other words, the bulls are in control, but are skating on thin ice at the moment. Perhaps reaction to the upcoming earnings season (beginning at the latter portion of the week of July 9-13) EITHER will result in the resumption of strength, OR disappointment that reverses market polarity... Last is 2720.50... MJPMike Paulenoff is author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial! * I really like Mike's charts and analysis. This is shared with my readers here via MPtrader.com *Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. Follow us and check back occasionally for additional articles or comments.