second leg down on the 26th triggered a sell with the target of 1238.75.
the time pressures turn down aug 18th. but trade pressures are oversold.
a move up thru 1296 could start a short rally to 1333.

may have a correction up after the actual signing of the debt ceiling bill tonight.
but hard to see how the  gov’t cuts will not slow the economy.
probably stick to companies that do a majority of their business in the healthier Asian economies.
banks, as a group, seem to be ready for a move.