S&P 500 - September 2, 2010 - Intraday

So far today, S&P has not been behaving like a roaring index ready to carry on a brand new wave up.

A move below 1144 on S&P cash threatens a change in short term trend.

A move below 1138 may potentially change the short term trend.

Caution is warranted if those levels are lost and not recovered.

Keep an eye on US Dollar, that is, IMO, the fuel that feeds the frenzy.