Before the Open (Jul 29)

Good morning. Happy Thursday.
The Asian/Pacific markets closed mostly up – there were no standout winners or losers. Europe is almost up across the board. Futures here in the States point towards a moderate gap up open for the cash market.
After rallying about 60 points in 5 days, the S&P is now resting on declining volume. For the first time since the beginning of the month the market has registered two consecutive losses. As of now I don’t think it’s anything to be concerned about. After a nice run, the market is entitled to a little backing and filling.
Here’s the 30-min chart. If the index continues to drift down, look for downside support at 1100 and 1090.

What I’ve seen the last two days is fairly routine, constructive and healthy for a market that may be in the beginning stages of a bigger move up. I’ll of course be monitoring things day by day, but for now, my bias remains to the upside. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers