4 AUG 2010, Wednesday

• Happy Coast Guard Day!  To all those serving and retired!
• Daily SP500 continues upward.  The thing that bothers me is that it is getting kind of overbought yet trending indicators (ADX) aren't showing a trending type move...more sideways as we approach the top of this 10 week range.  Weekly is no help...diddling in the middle.  
• Watching how it behaves in the 1135-1165 area.  Those points have been important in the past.
• I think that the trading community is evenly split...some thinking 1250-1290 while others seeing low 900's.  I lean toward the latter.  I think we're forming a possible big head and shoulders pattern and may be building the right shoulder now.  If it is...then it might project down into the mid 800's.  It's just an opinion....everyone's got one.