S&P Futures Update for Aug 8, 2012

The S&Ps continue to grind higher on low Volume. We are within 2 handles of the May 2012 highs and 8 handles away from the April highs - the destination trade from the 8-month Balance Low of 1255. We are approaching a very key Trade Location that may present an asymmetric opportunity.
The short term trend is UP and there will be no change until there is a cessation of a directional one-timeframing mode.  In all timeframes, market trends eventually go to balance; from balance the market reverts to the original trend or begins a new trend in the opposite direction .  Lets look at the Structure below:

The POC continues to migrate higher and we continue to build higher Value. However, we are closing on the lows each day and leaving behind a couple of prominent POCs and a poor Low from Monday. The market may be over extended in the short term and I expect to see a pull back i.e. some back and fill, however, that may not happen until the market makes one final push to reach its destination - i.e. the April/May 2012 highs.