Before the Open (Aug 18)

Good morning. Happy Wednesday.
The Asian/Pacific markets closed mostly up. Europe is currently mostly down. Futures here in the States suggest a flat open for the cash market.
Yesterday the market moved up for only the 4th time in 16 days. Considering the selling pressure of late (a bounce was due), lack of volume and weak close, I can’t consider it anything but a little bounce within a very short term uptrend. It certainly can continue for a few days. History says the market tends to do okay this time of year and then weaken at the end of the month and into September.
Here’s the 10-min SPY chart. For me to believe a near term bottom has been put in place, the horizontal trendline should hold. But personally I hope it doesn’t because I don’t think the market cycled down to an oversold reading. Many indicators have dropped but haven’t dropped enough for me to think a sustained rally can materialized (i.e. I’d rather rally from an oversold condition than from no-man’s land). More after the open.

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