BULL MARKET OVER FOR DAX,FTSE,CHINA HSI, DOW TRANSPORTS AND BOND MARKET 

I believe that the Bull Markets of the above-mentioned indexes HAVE ENDED. IN MY OPINION THE INTERMEDIATE TREND OF THESE INDEXES IS NOW DOWN. However, the Dow industrials, the NASDAQ and the Standard & Poor’s 500 continue in a narrow trading range in what technical chart readers may call Distribution. One of the main topics of contention is, when will the Federal Reserve increase interest rates and will Greece meet its financial obligations? According to Diane Swank of Mesrow Financial, she believes short-term rates are headed up and in September. This is much earlier than the market investors are contemplating. As far as the Greece situation is concerned, we have been consistently negative and believe that all alternatives are just kicking the can down the road to Greece’s inevitable default. How long will the major indexes hold up in their current Bull Market? There’s an old saying, “it is’nt an over, until it’s over.”

Maybe, you haven’t heard the news yet, but the bond market is crashing. Yields on the 10 year bond are up .55 basis points. That corresponds to approximately a 30% increase in yields for the 10 year bond. Maybe the Federal Reserve isn’t ready to increase interest rates, but investors sure are.

The fabric of the economy continues to be ripped apart by events that hurt the Middle Class and the poor. Pew Research have 30 States cutting budgets in health care, senior care, city government and universities, At the same time wages are dropping and upward mobility is suffering. Add to this, is a recent decision by the Supreme Court to not protect individuals who have second mortgages in bankruptcy. Meanwhile Jamie Dimon becomes a billionaire.  Watch out below!

KEEP AN EYE ON THE CHART BELOW FOR BREAK OUT POINTS BELOW RESISTANCE OR ABOVE SUPPORT AREAS. Particularly  watch for a breakout below Dow 17,147/17,000, NASDAQ 4605/4545, S&P 500   1991/1973. That would change the Intermediate trend to DOWN

Current	Dow	NASDAQ	S&P 500
	17,878	5,051	2,093
Short Term	DOWN	DOWN	DOWN
Int. Term	SIDEWAYS	SIDEWAYS	SIDEWAYS
Long Term	UP	UP	UP
ForecastedTrendd	DJIA	NASDAQ	S&P 500
Short Term	Down	Down	Down
Int. Term	?	?	?
Long Term	Sideways?	Sideways?	Sideways?
Breakout Points	DJIA	NASDAQ	S&P 500
Short Term Up (Resistance)	18,312	5,107	2,131
Short Term Down (Support)	17,147/17,0000	4605/4,5455	1,991/1,9733
Int. Term Up (Resistance)	18,974 See Fibonacci Projections above	5,250	2,486 See Fibonacci Projections above
Int. Term Down (Support)	15,855         /15,356 /14,688	4,166 3,986/3294	1,820 /1,560
Long Term Up (Resistance)	18,974	5,250	3,044
Long Term Down Fibonacci Support	50%12,000  62% 10,750	50%2,958  62% 2,555	50%1,390 62% 1,177
10 yr Treasury 2.35	Gold 1,181	Oil 60.10