Or more importantly is the rally now in trouble? When looking at the market it's very important to consider a variety of markets; only looking at one index like the S&P 500 just doesn't work. With that in mind, consider the following charts. As always, click on all for a larger image:
A.) The SPYs have broken a long upward sloping trend line.
A.) The QQQQs have broken a long term trend line.
B.) The Russell 2000 has formed a double top and has broken a long term trend line.
A.) The transports have formed a double top and B.) have broken a long-term trend line.
We have four average that are breaking long-term trend lines. That is not good.