That's not because I don't think the market has what it takes to break out, in fact I think it has what it takes to break out and bounce-obviously Greek events tomorrow will be influential, but here's the longer term charts of the SPY, which I have shown you (particularly in to the pullback).
My comments were more specific about today in which financials are underperforming and volume is exceptionally low for such a move. The market looks as I said, "Stretched". There's nothing wrong with a pullback in an uptrend, it wrings out the excesses, prevents overbought conditions and keeps the trend healthy.
I'd rather see a pullback as long as it holds up technically, maybe holds around the 50-bar m.a. on a 5 min chart or so.
I'd prefer not to see the market try to break through support on an already extended move, there needs to be a local base that it can stage the breakout attempt from.
All in all, the market hasn't added much, currently at $129.36 as write this, I'd gladly accept a pullback and a base to attempt a breakout, then a $.09 gain.
The TICK Index is starting to move south.
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