Here is the S&P500.  If we look back at the last year and a half, week by week, we can see that the UP trend is still in place.  Even after the ugly last day of July, we’re still in good shape.  We wouldn’t be concerned until we cross the purple line, around 1829.90.  Then action could be required.  As of now, we’re still above that line.

It is also interesting to note that big round numbers like 1900 seem to have a psychological sticking point.  We wouldn’t be surprised to see this downturn end and bounce back somewhere near that number.