A quick overview of market internals indicate the possibility for a soft spot in the SP500.  The Put/Calls ratios (all equities) show sell signs on the 5 and 10 day moving averages but leave some upside room on the 21 moving average (the longer term average does tend to have less signals but more consistent).  Jeff Saut, well known market technician, also points out how in the last 10 years in the period between mid July and early August, 9 out of the 10 S&P macro sectors have declined. He also indicates the SP500 index making new highs unconfirmed by a similar expansion in new yearly highs for stocks; this shows how the market has moved its attention to the lagging stocks, a sign of tireness in the upside move.  We also have the percentage of stocks above their 50 day moving average over 80%, another topping indication.

Please call THALASSA CAPITAL for a complete technical assessment of the market.