Before the Open (Jul 28)

Good morning. Happy Wednesday.
The Asian/Pacific markets closed mostly up – Japan and China gained 2% but otherwise gains were muted. Europe is currently mixed with no standouts. Futures here in the States are flat.
Having moved up 5 of 6 days and 80 points off its recent low (the S&P), the market rested yesterday. The range was small, the movement was little. I call it a well-deserved rest within the beginning stages of a rally.
I’m not one for drawing lines in the sand, but it’s nice to see the S&P close above 1100 for 3 consecutive days. The June high still looms around 1130; it too needs to be taken out.
Here’s the 30-min chart. I don’t consider it bullish or bearish, in an overall uptrend or downtrend. The index is unchanged since the first week of June and has generally been contained by 1040 on the downside and 1120 on the upside. Key horizontal levels are marked in red.

My bias remains to the upside, but be aware of what stage moves are when you trade. Stocks that breakout at the beginning of a move get a nice wind at their backs and tend to do well. Stocks that breakout after a move is getting tired don’t follow through much. Don’t trades in a vacuum. Be aware of what the overall market is doing. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers