Global macro overview for 24/08/2015:

Global market sentiment has turned to bearish late August. Although, risk dynamic might be very erratic as we are in the middle of the holiday season, it looks like the current bear trend might last for a while. The recent market reversal is not connected with any political tensions (like the Greek bailout story in June-July), but it looks like the concerns about the global growth after a QE-driven multi-year bull run on global indices might just have run of fuel. Please remember the current hot market topic is whether the Fed will raise short-term interest rate in September or December 2015. This is why, the market is behaving in a typical risk-aversion pattern when indices are pluming and gold is trying to rise.

The technical picture of SPY (S&P500 ETF) is currently rather clear: after last Friday's drop to the technical support at the level of 197.52 the market just stopped and it is currently trading at the neutral sentiment zone boundary. Any daily close below 197.00 will be considered bearish and next support comes at the level of 181.32.