P&F charts are great at showing the daily battle between bulls and bears. Bulls have won the latest battle by a mile, as they did in April. The point is though, when markets get to certain levels, the bears come back in to the fray, as the bulls do when they fall to a certain level.
Back in April, the markets topped out progressively over a four to five week period, ie they distributed through April before the flash crash in May. This (25x3 closing) chart of the Dow shows that the bulls recent charge has been halted (for the time at least) by the bears entering the fray. If we get the sort of distribution pattern we had in April, it could last for 4-5 weeks, which would take us in to November before the battle ends, one way or the other. Could the mid term elections be a determining factor? We'll have to wait and see. But we need to see an impasse between bulls and bears over a couple more weeks. That may give those of a bearish disposition more encouragement that the bulls power is waning.
For the bulls, the markets are clearly showing a bullish bias at this time and that last column of X's has given an unactivated upside target of 11,825. A decisive move higher will bring this target in to play, above 11,150 and certainly above the previous high at 11,200.