On June 12th, I alerted about an approaching strong rally and "Bear Trap". Therefore, it is only fair to point out the present "Bull Trap". The target is some 50-60 points lower than today's 1353 SPX close.
The orange midfork was tested today, and I feel strongly that should provide a very substantial obstacle to further advances in the near term.
Financials (in Red) were outperforming SPX on July 1st. However, for the last 3 days in a row, they have underperformed SPX, and traded flat for most of the day today. Additionally, the high for Rifin today was not much higher than July 1st.
The weakening performance of the Financial sector is a warning signal about a looming decline for markets.