Yesterday's Rally In Perspective

Here is a chart of the SPYs. Before we get too excited about yesterday's rally, let's put it in perspective.

In index broke through the upward band of a downward channel which is bullish. But the index is barely above resistance a bit above $154. If the index holds at this level a further upward move is more probable. But the index has had trouble maintaining gains recently, so don't be surprised if it pulls back.