The SP500 stayed above 875 and moved back above 900. The DJI also moved back above the 8400 level, and the Nasdaq 100 is back above its 200 SMA and above the 1380 level. Although trading volume is on the light side, I would say from the first check of the answer sheet, the direction is up.
The critical thing to watch is the trading volume. As the market continues to move up, trading volume needs to pick up. Otherwise, there will not be enough momentum to carry the market to the next resistance level. When we see volume increase, which will be the clue that money is coming back into the market, we should see some big move as skeptics rush back in. Until the market tells me otherwise, I will be on the long side.
