We always say to focus on the weekly charts and hopefully we are right. The weekly chart below doesn't look to bad. In fact it looks like minor corrections are in progress and we'll eventually get to the moving averages above.
"Chart courtesy of StockCharts.com" http://stockcharts.com.
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But the daily chart looks much worse. A major failure at 1100 in the S&P 500. No surprise really, check out the declining volume as prices were rising. Little conviction for others to join the party. Now, will the moving averages just below hold up?
"Chart courtesy of StockCharts.com" http://stockcharts.com.
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