We start off with a review of the big picture in the S&P 500 before moving into charts of the usual suspects. The S&P 500 is on track, carving out a modest retracement before a coming into contact with support from a channel. Here I have used simple parallels but has similar results as the Schiff Channel that I have on other charts. Notice that the fast cycle is nearing an inflection point in the next couple weeks. I see that as the low of (iv) and an attempt to rise into (v) late in the year. If this cycle holds, a logical inference would be that the FOMC will hold off on a rate hike in September.

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