Before the Open (Jul 7)

Good morning. Happy Wednesday.
The Asian/Pacific markets closed mixed with a bearish slant – there were no standout winners or losers. Europe is currently down across the board. Futures here in the States point towards a weakish open.
Yesterday didn’t change the overall picture heading into this week…that some indicators support an oversold bounce, but yesterday’s big gap up did diffuse some of the built up potential energy.
Here’s the 15-min SPX chart. A 5-day base is forming. My target on a move up is the 1070-1090 area, but this of course will take more than a couple days to accomplish.

There are very few economic numbers and earnings reports released this week, so the market is on its own to trade as it wishes.
My bias in the near term leans to the upside, but with my trading, I’m being conservative. We’re close enough to a local bottom to not chase stocks down on the short side, and it’s not yet time to throw all caution to the wind and go long. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers