S&P Morning Update for Aug 7, 2012

O/N Inventory is Long. If we open now we will open back in the Upper Distribution from y'day - a clear rejection of the late afternoon downward Spike. On the downside the 1391-92 area should offer some support and below that 1387 - O/N low. On the upside the 1400-1401 area should act as resistance. If we take out the 1400 area with conviction, your next reference to the upside is 1405.25 - the May 1, 2012 high. My focus will be on Value - do we develop higher to overlapping higher Value? There is still no excess at the recent Highs.