The market was choppy for much of Monday’s first half of trading but picked up steam during the second half as the bulls continue to push new highs. The third-straight up Monday continues to show money is coming into the market as Wall Street pros and hedge fund managers throw in the towel but there are still a few technical hurdles that remain.
The headlines will read the major indexes closed at new highs but 2 of the major 4 averages continue to struggle with their May intraday highs. The chances are good they will fall but it is something we continue to watch carefully as it could also mean a “double top”. Volume was also weak and was the lowest of the year for a full trading session with just 4.9 billion shares exchanging hands. Today’s action could be much the same as Wall Street awaits more Ben Bernanke testimony.
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