Dow & S&P 500 market analysis for 07/06/2009 Monday

I'm finally back after a long absence. Was travelling Europe. Went to England, Scotland, France and Gerrmany and learnt a great deal.

Anyway the market from then till now had not changed much. It's still in a sideways movement though it seemed to be breaking down soon. We have what seems to be a head and shoulders formation on the indexes, and now we are all monitoring to see if it would break support at around 882 on the S&P and 8245 on the Dow.

If this support breaks, we will see some retracement and then it's down to 800 for S&P and 7500 for Dow. And should it break these 2 important support levels on the indexes, it should not take more than a month to complete the head and shoulders.