Before the Open (Jul 13)

Good morning. Happy Tuesday.
The Asian/Pacific markets closed mixed. Europe is up across the board with solid gains. Futures here in the States point towards a moderate gap up for the cash market thanks to good earnings from AA despite Portugal being downgraded.
The S&P has moved up 5 consecutive days – the last two on very light volume. Now we get a gap up, and unless something is changing about the market, this vertical move off last the Jul 1 low isn’t sustainable.
Here’s the weekly. Resistance is at 1100ish…plus we have the Jun high to contend with. Given the straight up move and overhead supply, this isn’t a time to be aggressive on the long side.

Here’s the 15-min chart. If today would have been a quiet day, I’d say the market was well set up for a breakout and quick move to 1100, but the gap up diffuses any pent up energy.

I don’t see many great set ups right now. This is a good time to work on yourself so you’re more ready for the next batch of trades.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers