Above, in the weekly chart, the SPX is up against strong resistance. By the looks of it, it is ready to break out above. With the debt ceiling raise deadline approaching very fast, I think the market will rally in advance, starting today.A bearish case can be still made. Indeed, the latest two strong up days did not generate more than 90% of the volume to the upside. Also, the 13 day ema of TRIN has dropped unusually fast on July the 11th. A strong day down from these levels would switch me to the bear camp, but I do not think this can happen until there is a clear resolution on the debt ceiling.
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