Volume?

Index prices bounced yesterday and breadth figures were good across the board as most stocks saw strength. Missing, of course was volume, but volume doesn't matter, right?

Well, volume kind of does matter.

Nevertheless, the QQQQ has room to bounce before its oversold. The SPY may begin struggling in this area but could potentially see intraday prices as high as $150 before it starts to run into serious selling again.

Don't forget that the intermediate trend is down here, so don't start thinking that it's safe to get back in the water yet as a retest of this week's lows in the next few days is a definite possibility.