Market Update - 8/4/2010

For those of you following my "Charts of the day" feature, take a look at the RIMM and USD charts. There is a good chance that those 2 are ready to change trends......

...We came within a few points of they key pivot at 1131. It is hard to say whether or not we have topped yet, but the waves are starting to get more and more choppy and it looks like a real mess on the smaller time frames. Perhaps the top may be closer than we think.

The counts remain the same for the most part. I am still looking for one final push higher to somewhere between 1131-1135.

1140 is the 61.8% Fib. retracement. So anywhere in that range is a good topping area.

We also have a very clear wedge that lines up with some nice Fib time and price ratios.

Late Friday afternoon looks like a good place to top, perhaps right around 1140 on the SPX.

As far as Dow is concerned, 10700 is a pretty solid pivot.

Breaking higher could send us to at least 10900 and maybe even 11000. So we have to watch that area.