Update (June 15, 2012)

The growth rate for retail sales is decelerating towards the lower boundary but it is just half-way through.

The market rallies many times advance of the turn in the series but it has to reach closer to the "oversold" level.

Meanwhile, the market fell after gaping up on Monday but it never really came to the sellers, so I expect to see another dive next week, maybe even before the Fed meeting. 

I think that a break above 1342 (September contract) is a nice point to sell for a drop to 1300.

This would be a trade taken against the 1332.75 resistance on the monthly chart (monthly levels are usually broken by 10-15 points before the market reverses).