Volume Weighted Average Price
It is too early to make the call that the bullishness is over with the markets remain above the Volume Weighted Average Prices (VWAP) since the rally began on the 10th (blue horizontal lines), but there are clear reasons to be cautious. Breaking those VWAP levels (which are constantly changing with new data points) would put the average buyer at a loss and give control back to sellers. The uptrend lines, pointed out yesterday, have been broken int he SPY and the XLF and it is looking like the QQQQ and IWM have put in lower highs. Keep a close eye on the XLF, it has lead the market for the last 18 months and its relative weakness is reason to be concerned.