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(8/2/14)
For those that don't read my daily updates the S&P 500
formed a bearish Butterfly pattern last week which has been followed by a
pullback to the 100 Day EMA (green line). Keep in mind the same type of
pattern occurred last April as well with a test of the 100 Day EMA. So far
the S&P 500 has held support at its 100 Day EMA so this will be a key thing
to watch next week. If the 100 Day EMA doesn't hold then the next
support level appears to be at the 200 Day EMA (blue line) which is in the mid
1850's. 
Finally one thing that bothers me is
the TRIN which still shows quite a bit of complacency in the market as there has
been no surge higher with this current pullback. Notice previous bottoms
occurred when the TRIN closed at or above the 2.0 level (points A). 
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