Before the Open (Aug 11)

Good morning. Happy Wednesday.
The Asian/Pacific markets closed mostly down – there were several 1 and 2% losers. Europe is down across the board. Futures here in the States point towards a huge gap down open for the cash market.
It’s pretty much do or die time for the market…at least for the next couple weeks. The indexes have rallied nicely off their July low and are now up against their June high. The high either needs to be taken out with force or those bear wedges I’ve been posting will play out. Up or down, it’s gotta happen soon. Or I guess the market can fizzle sideways for a couple weeks, but if the last couple months is any indication, moving sideways would entail moving in a large range, not grinding in a tight range.
Here’s the daily S&P I’ve been working off…

And here’s the 10-min SPY. The market has spent most of the last 7 days within a tight range. Today’s open will be below the range and below last Friday’s low. More after the open.

headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers