Stock Indices Melt Higher On Falling Volume

The Stock Indices melted higher today on declining volume and declining net volume. The SPY reached important resistance, while the QQQ and IWM are lagging. We have to respect price development but with the understanding, the internals, especially volume are not confirming the move. This rally is not attracting new buyers and is still extremely overbought. Use caution on long positions, especially if you plan to hold them over the weekend. Anything can happen geopolitically that can change the perception of value.

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