Before the Open (Aug 3)

Good morning. Happy Tuesday.
The Asian/Pacific markets closed mixed with an upward bias. Europe is currently mixed with a downward bias. Futures here in the States have generally traded sideways in a range all night and currently point towards a flat open.
Yesterday was a good one. The Dow and S&P made higher highs. New highs at the S&P jumped while new lows were nowhere to be found. The VIX closed at a new low. But there were a few warnings (it’s never a bad thing to have a couple warnings). The Nas and Russell did not make higher highs. The banks had a nice day but overall are still lagging. Semis are lagging. Commodities are moving up which suggests demand is strong (a good thing) but at some point higher prices will choke off a recovery.
All in all I have no complaints. After the big up day on June 20, I said my bias was to the upside, and I was no longer interested in being/going short. I maintain this bias today. Here’s the weekly and daily S&P charts. The daily is in the process of breaking out, but there’s a rising bearish wedge we need to be mindful of. The weekly continues to move out of the falling bullish wedge.


So far, so good. I’m still only interested in playing the long side, but let’s not get lazy. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers