Last week, the SPYs finished an up(A), down(B), up(C) pattern.
The EMAs are still in a bullish configuration: the shorter EMAs are above the longer EMAs, prices are above all the EMAs and all the EMAs are moving higher.
A.) Momentum is increasing and
B.) Money is flowing into the market.
The two charts below are of the micro-cap (IWC), small cap (IWM) and mid-cap(IWR) markets. Notice all the charts confirm last week's action with the exception being some of these markets saw price moves above/through important resistance levels. This is important as it indicates that markets which are riskier saw larger gains.