In one week the markets have declined steadily from being overbought against the 2.5% moving average band, the Bollinger Band (20, 2) and the lower end of the anticipated $1130 to $1155 resistance (basis S&P 500).  Seasonally, we are entering another buoyant period similar to Memorial Day where a holiday occurs around month end (and in this case the end of the calendar quarter).  The seven midterm years we compare to 2010 (1934, ‘46, ‘62, ’66, ’90, ’94 & ’98) saw recovery rallies from June 26-30 through July 10-18.  Any RSI(9) around 60 in the first half of July should be viewed as an optimum level to sell equities before a drop into August.  The ‘median’ decline from the March-May highs has been 23%, targeting 940 on the S&P for August.