S&P 500 - Aug 2, 2012

Last post, I mentioned weak internals of S&P and said that Fed was not indicating any new printing program. That would leave things to European and, as we have seen during the past two years, Europeans do endless rounds of meeting and talking and more meeting and talking and on and on and on -- too long on promises and too short on substance

Today's blah-blah by ECB-head was nothing new and delivered nothing new


S&P took a beating


It was held by support around 1350-1360

Internals are weak as measured by McClellan and Summation

Market needs a good push to, at least, turn Summation positive

1330-1360 is a pivotal support area


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