Stocks had a rather meaningless day of trading on Friday, August 14, with the S&P 500 falling by two bps and the NASDAQ 100 falling 12 bps. Still, the S&P 500 was unable to rise above resistance around the 3,385 level, having stalled out in this region. It may be just a matter of days before we find out what the S&P 500 turns next. The RSI index is contracting quickly and the uptrend and downtrend are forming a wedge. 

What is clear, however, is that the RSI is printing lower highs and that is a bearish divergence from the higher highs in the SPX. 

Again, it seems that, like the S&P 500, we are likely to know the fate of the Q's soon, perhaps also in just a number of days. It seems that the uptrend remains firm, but the upper bound of that uptrend has shifted. 

Meanwhile, the number of stocks in the NASDAQ 100 above its 50-day moving average has been quietly slipping lower. 

We can also see that the corporate bonds are now losing their bid, and yields are rising. Remember it was on July 29 that we saw that giant put trade in the LQD ahead of the FOMC meeting.

The FDN Internet ETF is also starting to roll-over, with the 21-day moving flattening out. The uptrend is in serious trouble, and the RSI is flashing warning lights. 

I noticed that there are some bearish bets in Visa (V) and that the stock has been unable to break above resistance at $200. This could result in the share falling back to $187, and potentially lower.

Micron (MU) has been falling and it likely isn’t finished yet, as there is room to drop to around $42. 

Eli Lilly (LLY) is very close to breaking support at $148, and is potentially on its way to $132. 

Cisco (CSCO) may still have a bit further to fall; $41 is likely its resting spot.