Confidence in a rally

That’s Accumulation, or institutional grade buying, on the S&P 500 and Nasdaq Comp. for Tuesday.

But it was also Distribution, or institutional grade selling, for the Dow 30.

General volume indications over the past few weeks have clearly favored the Bulls.

That doesn’t mean we’re loading the boat with buys. It simply means that odds are currently favoring the upside for week to week trading.

But all it takes is more heavy selling to erase that, which in today’s environment isn’t too hard to imagine.

We’re also awaiting Leadership in advancing stocks to give us confidence in a rally.