A tale of three charts.
Click on all for a larger image
The 10 day SPY chart looks as though the prices consolidated and then broke out of the consolidation.
The QQQQs look as though they've been in an upswing instead.
Finally, have the transports topped for now? And will the indexes now move lower? Note this in conjunction with the points I made yesterday about he MACD's of the averages being close to overbought.
The bottom line is right now there are mixed signals in the markets. The rally is a bit long in the tooth, but there are no strong reasons for the market to make a major sell-off right now. As a result, the markets are just a bit confused on where to go.