As May will be remembered as the month the Dow made new highs of 15409.39, on May 28 and the S&P 500 futures made new highs at 1685.75 [June contract], on May 22, June will be remembered as the retracement month. Dow dipped below the 15000 level on June 5th for the first time and then retrace back to 14659.56. The S&P 500 futures fell to 1553.25 [sep contract] on June 24. The contract expired which usually adds to the volatility. Market moved, since the rally started, from 800 to 1600, the S&P 500 is now doubling this price. The Market finally recovered to its 2007 levels, before the crisis. 1374 is the number where the last leg up started and 1550 was the high back is 2007. This means that a 50% retracement at 1524 or to the 1550 level is still possible without making technical damage to the up trend. The fundamental news seem to be stable, so the technical picture for now is safe unless 1550 is broken.