I’m starting to feel like all I do is complain about volume. I didn’t like the new S&P 500 highs on so-so volume on May 5th and I don’t trust the low volume rally we’ve had for the last two sessions. Even with decent volume I’d be surprised for the market to make a V-bottom after a slide like it’s had the last few weeks. But given this light volume rise I’d be very surprised if the indices didn’t retest the recent lows over the next week or so.
T2108 has bounced up over 30 after spending a couple of days under that ‘magic’ 20 level. Note that in April 2004 and October 2004 T2108 bounced off of 20 only to retest that level a few days later. I suspect we’ll see similar action this time…
