What happened this last week? Well, the bulls were busy protecting critical levels on the charts.
S&P weekly trend line was protected on Friday
However ... here is another weekly view of the S&P
Bulls also protected 587 on the Russell 2000 this week
advancing issue: 9 advancers to 1 decliner (note the advancing days)
It is worth noting that we have had MORE extreme advancing days in the last 4 months (e.g., during the decline and correction) than the ENTIRE 15 month rally from March 2009 to April 2010. Is that a "tell" or what that the MM's are busy?
Friday's action was strongly related to the bounce in bond yields and the decline in bonds. It seemed to fuel the day's low volume charge up.
10 Year Note Yield was up 6% on Friday ... which is rather out of character
TLT saw fierce selling ... personally I am watching 102
All bonds went down on Friday
Two Odd Charts That Caught My Attention
Banking looks weak and there will be no rally without this one
Gold miners look more ready to break out on the weekly
Overall, I would expect a mixed week in front of the Labor Day holiday. We may get some buying on Monday and Tuesday because of the end of the month