NYSE Breadth

Today's breadth was powerful. The charts indicate a range trading regime for the time being. We will wait and see if today's close holds, if not this was a short covering / relief rally and not a resumption of the bullish trend.

Today was not a trend day in my mind, trend days are days when the index gradually or strongly moves up consistently throughout the day. When these days are combined with strong breadth they generally lead to follow through.

Today was not a trend day, markets opened high and went sideways throughout the day.

There was strong buying and strong selling in the market today but the market held sideways.

Bottom line: the rest of the week will tell us if we should be bullish or neutral or moderately bearish. Volatility is too high to be able to fuel a crash in the short term.