The major indexes struggled to keep in the black just a day after roaring to new highs since the bottom back in March. There were some good things and some bad things that I’d like to point out.

First, it is a bullish move to see the markets come back from being down on the day to finish on the day’s highs and to do so on above average volume. If you are long the market, the last thing you want to see is a down day after such a strong move yesterday. By finishing on the highs, we know that what supply had entered the market was consumed and overcome by demand.

The bad that I saw was that we were only able to muster up a 0.42% gain in the S&P. This is not me being greedy, I would have no problem if this price move came in the middle of a rally, but to see this sort of gain follow what is supposed to be major buying makes me question how strong yesterday actually was. If we were only going to move up or fall slightly, I would have liked to see much less volume to know that the day was less significant.

After looking at the day, I think that the uptrend will still continue but I am cautious until we see more strength to know that the professionals are ready to keep things rolling.