Need to see the Volume

Taking a look at the Advance/Decline Percent we saw that it has tipped into bullish territory. The Advance/Decline Volume Percent continues to lag and is still bearish zone. While this tempers the enthusiasm of this run to the upside, it does not mute the fact that the overall breadth is bullish.

The S&P 500 ($SPY) has broken resistance at $212 and filled the gap from the beginning of the week, reversing the short-term downtrend. Tech ($QQQ) bounced off support at $107.5 and broke above $110, which was resistance, but now is the new short-term support.

A big positive is the leadership in the Small-Caps ($IWM) which hit a new high and remains in an uptrend. This is challenging the upper trend channel of this latest move off of the May price low of $IWM.

Bonds ($TLT) got an oversold bounce, but that is all that move was. This sector remains in a downtrend overall.

Have a good trading day an weekend!