We observed in Breaking (7/27/12) that odds favor a breaking of the 2012 range to date. With SP500 just a few index points away from its 2012 high, the breakout appears to be to the upside (Chart 1). Chart 2 shows how the current movement fits our "Hope Rally model" discussed previously.
Will there be non-confirmation among indexes (Chart 3)? It’s certainly probable given the associated lackluster volume and market internals (Chart 4), until technical profiles turn more favorable.