Since the Fed announcement and important earnings announcements, the Indices have been in a two-day rotational pattern. However, the market internals continue to show weakness. With that said, there is simply no selling pressure at this time. While that can change, the risk is to the downside based on weak internals, especially the breakdown of volume. The percentage of stocks trading above their 20-day and 50-day moving averages are declining also. We have to respect the trend in price, but with knowledge of the weak internal composition of this rally.
