Fair Test:
Nothing goes up in a straight line and if you are a bull you want to see how growth responds here after a nice run. You want to see stubbornness in giving up much of the recent rally. You want to see what it’s made of. For the tennis analogy from Billie Jean King “pressure is a privilege”. This way we can see if this nascent move is for real. For all the recent talk of more participation, breadth thrusts, and seasonality, it really all boils down to PRICE. And market participants who have put their hard-earned capital to work in growth should welcome the bear’s challenge to see if the downtrend resumes from here. This will be a litmus test to potentially see how the rest of the year ends up. We spoke yesterday about how the semis are somewhat shrugging off bad news, software has demonstrated overall resolve. And the very bullish MONTHLY candle in July should see some pushback into it, but remember how positive it is going forward. Take advantage of any weakness in tech, specifically with the QQQ into the 319 area. Failure there would obviously have to question the bullish narrative.