Charts of the Week: Friday, June 15, 2012

The recoil rally has now run out of that oversold bounce fuel.

At the same time, our Psychology Composite has moved back down to P4 (from P3), while we had hope to see P2 before it started weakening.

We've had two big flies in the ointment, so one more correction now back to support levels on the S&P 500 (or maybe slightly under) would help these flies start supporting more upside fireworks.

Fly #1

Fly #2

That's enough charts for a thousand words.

Have a great weekend!

Don Hays

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