6/23 1:00

Nasdaq is on a 5-wave up.

Currently hold 1% UCPIX, 1% QID, 2% EUO.  Nasdaq returned to it's 200-day M/A and if SPX breaks 1248 there is a vacuum. 

The 300-day is actually more relevant to SPX and indicates 1215 as the next support if 1248 is taken out.

Longer-term:

The daily technical composite buy signal did produce a multi-day rally, and it's minimum expectation is satisfied.  A decline in the stock market producing a move to +32 would be the limit, based on it's history.

The smoothed I1 continues to decline into late August, but the short-term component with 8-day lead indicates from 2 to 5 more days upside.  The SP 30-minute M/A is 14 points above SP futures at this time, but that will narrow as the M/A declines.