Again, this week, the media is missing out on what's really happening; they still think the market is still concerned about the negative effect of the Fed stimulus and the recent economic releases on the market. The apparent short term fundamentals effecting the market now are three major upcoming events: 1. The surprising positive changes in the $BAC earnings. 2. The approaching launch of iOS 7 and 3. The rising wedge pattern in $GOOG.
$SPY: The index retraced immaturely to a very important short-term support at the 1692.7 level and is showing weakness in the current ascending short-term trend. Breaking this support will eliminate the mid-term target at the 1790 level ......... - See more at: http://sptinvestors.com/Short-term-trend-update-Aug-6th-SPY-GOOG-BAC-AAPL#sthash.r2Ihgeeg.dpuf