Monthly Data

The DJI monthly July close was 13212 and marked the second consecutive monthly lower close after the May record close of 13627. During the break, only the monthly lows after April were taken out in contrast to the SP500 spot futures contract which violated every monthly 07 low except the lower spike of March. Last month's close of 1462 was also the second decline after the record 1533 close in May. The bear needs to close under March 07 lows while the bull has less work but probably diminishing overall momentum.