Click for a larger image
Let's start with a P and F chart of the SPYs. Notice that over the last month we've seen one heck of a rally. Also note that there has been a ton of volume over the last month or so.
And then there is the market breadth issue:
The NYSE breadth has been increasing solidly through June.
The NASDAQ breadth topped at the beginning of the month, dropped and then advanced to its current level.
Finally, we have last week's price action:
Click for a larger image.
Here's the main point: prices were in a narrow range of roughly 102 to 104.25.
