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The SPY chart is still bullish and prices are just below important resistance levels. A move about the horizontal line would be a very bullish move. Also note the price/SMA situation is stil very positive. However, the overall lack of volume -- especially on the later part of the rally -- is still concerning.
The QQQQs continue to be the real market leader. While the SPYs and IWMs stalled a bit over the last few weeks, the QQQQs just continued higher. Most importantly, the QQQQs are just below the 200 day SMA. A move through that level would signal a possible return to bull market territory.
Today the IWMs broke through important upside resistance on good volume and a strong candle/bar. While prices are still below the upward sloping trend line that started in early March, today's move is a very important technical development.
The Transports are just below a very important technical level. Notice the incredibly strong volume bars printed over the last two days. Traders want to move this index higher.
