Wednesday, August 8, 2012

Wednesday Afternoon

S&P futures bulls are pushing back into the 1400 level after a brief dip this morning. Short term indicators are getting worked off already.... although they look like they still have some room for more selling. Intraday volume is suggesting we may be approaching the high of the day here around 1400-1401 (1404-1405 SPX). Gold and the Euro are backing off a little, which also looks supportive of chop around action for the remainder of the day session.