All-time Market High Rejected

Yesterday the SPY made a new all-time high, but the price action was not convincing.

PRE-OPEN MARKET COMMENTS WEDNESDAY - The SPY was within striking distance of the all-time high and it opened above it yesterday. The early price action looked good, but the gains were given back late in the day. This is not the level of conviction we want to see on a breakout of this nature. Ideally, buyers support the move and all of the gains hold. The next day we want buyers to push the market even higher. That is not what we are seeing.

Daily Bulletin Continues...