Today the market indexes rallied strongly. The Nasdaq jumped 1.6% while the S&P 500 rose 1.9% and the rallies showed good market breadth.
The rallies came following Federal Reserve Chairman Jerome Powell's guidance to Congress on interest rates.
However, despite of the strong advances the rally did not qualify as a follow-through day. The problem was volume. The volume did not exceed the previous day's as too many institutional investors sat on the sidelines.
We will continue to wait for the market to reclassify to GREEN before returning.