as stated in the past there will be a upward bias going into the month of september before the FED meeting. The risk is the large players who are selling this market, wont till the FED meeting passes. the probability is high that the FED cuts at the next meeting. And the prices are factoring in this cut, before the cut actually happens. So the market should be upward bias till the meeting, and then sell off, post FED meeting to await indications of a economic slow down secondary to the credit crunch. whether the FED can support the market and prevent it from going into recession is the 64 billion dollar question. The engines of China/India/Russia or BRIC countries might fuel the global growth heading forward. Study last years decline, and the dynamics of how the consolidative bottom occurred. And it will give clues to a possible future for price action.