The share market has peaked often in July but the real crisis seems to hit come September. This was the similar pattern at the July 20th, 1998 peak in the Economic Confidence Model. The share market made the peak precisely on the day of the ECM, but the crisis that unfold with the collapse of Russia followed and then the collapse in Long-Term Capital Market debacle.
This seems to be a similar set up. The volatility should rise and the key appears to be set up for the first week in September. So stay alert and on your toes.