Bullish, but...

So far current pivot leader INDU/DIA continues to advance above all pivots. SPX stayed above its pivot cluster of 2014-16, while NDX remains below its YP 4373. So of the big cash index levels I pointed out in the weekly strategy sum, so far 2 of 3 are maintaining bullish.

But, volume. SPY D chart below with a red horizontal line on today's volume 117M. Note just a few days in the past year has been below this and 3 of the 4 I see were right around Thanksgiving and Christmas holidays. So this is a very non-enthusiastic follow through above Q1P (and D200 if you are watching that) so far.