Market Update - 7/14/2010

We remained under the key pivot of 1100 today. As long as we remain below this level, we can stretch the current count in my opinion.

Today was a pretty choppy day, sort of expected on the Wednesday before expiration. But regardless, 1100-1103 must not be breached.

If it is, we could have a different count in play.

The pattern we have had these past 2-3 days looks very similar to our topping process in late April. It's just a smaller version.

1085 remains the key pivot to the downside.

We are also at resistance on the daily charts.