Elliott Wave Update ~ 1 August

Top count is that Minor 2 is over. Stocks are seemingly going sideways, but they are actually in a stealth downtrend from the 1391 high.

This rally since the 1266 low has managed to jack the 200 DMA way higher another 35-40 points or so.  Sustainable? We shall see.

SPY liquidity premium (via Sentiment Trader). All moving averages at extreme levels.

STEM (Short Term Extreme Model). Also at an extreme level.

Treasury bond composite score.

DOW Transports taking it on the chin today:

Global DOW is telling a bearish long-term story.