Few charts to illustrate my point.
All new P2 highs on the SPX, INDU, COMPQ and NDX (RUT just a couple of points shy)!! Dow at 10,000!! Wooo-Hoooo!!!
So that means the bulls are firmly in charge right!??!!
.... Not so fast.
Since the spike this morning, breadth quickly tapered off. And the breadth during the 3pm ramp... not impressing me.
And how does breadth look during the rally since Oct 2nd? I would say "declining" is an apt description.
Which makes the technicals at the top of this rally nothing to write home about.
So are the bulls still firmly in charge? This is a question you should be asking yourself.