SPX monthly, expecting a topping candle in August.

SPX has been on fire since Trump's election. Prices are now very close from an important level, the -100% extension of the fall from 2007 high to 2009 low.

It seems a bit late in the month to put a meaningful topping candle and I would rather like to see a close around this 2485 mark for July, followed by an important break higher at the start of August, reversed before the close of the monthly candle to form a topping pattern.

Whatever the correction we will see (or not :) ) the LT trend is still higher and buying the dips still favoured.