The SPYs and IWMs have bounced off the 50 day EMA while the QQQQs have bounced from a slightly higher lever. In addition, all three averages have moved through downward sloping trend lines. This should be a good sign technically. However, I am skeptical for the following reaons. First --note that volume totals are not impressive. If prices move through a trend line we want to see some impressive volume to indicate an increase in underlying activity. That hasn't happened here. In addition,
On the latest peak notice the MACDs did not follow suit. That is a technical divergence that is hard to ignore. And then there is the advance decline lines:
Market breadth hasn't been there either.
All of these pieces lead me to question the market's ability to move higher from here with any conviction.
