Summer ROADMAP for the Institutional Portfolio

The Market shows negative bearings which will result in a bounce that will retest the new market character.

Price MOMO is still pointing down while the MoneyFlow MOMO ticked down again. Our proprietary SPYDER optimized MOMO Indicator (bottom of the chart) looks oversold and hints at a bounce over the next week or so....

The TimingCycles model seems to be insync with the broken HS Pattern. Following this roadmap I expect a short-term bottom/ bounce around the mid of the month leading to a re-test of the Head&Shoulders break down and ultimately at least fullfilling the HS downside target into late July.

This all means a re-test of the March lows. These lows will ultimately decide whether the bull continues (triggered by QE3 ?) or whether we go into real bear territory.