Impressive Action

today, although the volume seems to be running a little low for now. The SPY and QQQQ have made it above key intermediate term levels of prior resistance (134.50 and 43.50 respectively). The rally has brought these markets back above their declining 50 day moving averages and the direction of the key averages suggests that this short term strength will have to be digested over the next few sessions. It is likely that the 134.50 and 43.50 levels will be tested as support in the coming days but for now there is no sign of letup in the upward momentum. As always, risk management is job #1.