Normally, I would say that stocks are on day 10 of it's daily stock cycle but obviously all the index's are doing their own thing now. It's really anybody's guess what stage of the stock market cycle we are on. Ordinarily what would drive my analysis behind the stock market would be the fact that on day 9, the S&P was rejected from the pervious cycle high from back on June 9. This would ordinarily seem to be some major resistance around 3230.
Cycles wise, we know stocks should have a DCL in late August. The next daily cycle decline would ordinarily look normal, and ordinarily I would say it could top here at this 3230 level.