Market Update - 8/9/2010

I seem to have fixed the comments issue. They should be working now.

We got within 2 points of the 1131 pivot today. I still don't think we have topped, at least not until we break 1105. We may break over 1131 soon, however.

The wave structure has also not changed much. We are still looking for a high some where around 1135.

The wedge is getting tighter, so the top could be very close. It's just a matter of time now.

Internals are still pretty weak to the upside, as well as to the down side. For any sustained down move to come, we would need to have internals that prove the down move is here to stay. Until then, the trend is up.