Monday, August 3, 2009

Today's Markets

The SPYs continue to move higher. Notice that today's candle was strong, although on weaker volume. In addition, the trend further extends the rally. While today I previously said the market can't continue this upward trend, I still maintain that statement. Simply put, the trajectory is still too high. I would be far more comfortable if the market was moving sideways right now. However....

The transports moved higher today in a big way. That is good news for the rally as this adds confirmation of the trend.