Over the last few days, I've expressed concern about the strength of the stock market's current rally. Yesterday only added to my concern. The top chart shows the daily chart, which is still moving sideways. Yesterday's price action merely lowered the consolidation range to 125 from 125.5.
The TLTs are right at long-term support. For a move lower to be significant, we'd need to see a move below at least 116.
Looking at the technicals, we see a strong inflow in the form a a risking A/D and CMF. But we also see declining momentum in the lower MACD. Normally, I'd be more inclined to rely on the volume metrics. But, remember that long-term prices are near historically high levels.
