In addition, consider the following charts;
The on balance volume didn't increase with the new high on the SPYs. This indicates the total volume flow may be an issue. Ideally we want more volume as the market rises; this indicates more people are participating in the rally.
On the SPYs, notice prices got stuck around the 95 level, which also corresponds to the 200 day EMA. Remember -- a move above 200 would indicate a shift from a bear to a bull market.
On the QQQQs, prices are now below the trendline that started in early March.
Prices are also below the IWMs trend line.
And consider these foreign markets' charts -- all of which have broken trend.
