Expecting a short term rally and possibly a medium term trend higher.

From the last post, the market did get a brief rally that turned into consolidation and then finally a probe lower below support today. The Dow did finally touched its 50DMA two weeks ago. When the support levels broke today the major indexes just sold off quickly at the latter portion of the day. There could be more downside tomorrow morning but I now anticipate the short term trend will turn to the upside for the coming days and likely weeks. The medium term could shape up for a 'summer rally' but will have to see whether the major indexes can break above their 52 week highs set last month May.