It is probably not a bad way to describe the market right now ... still positive, but weakening.

Let's look at two indicators today. The first will be the NYSE's Declining daily volume. On today's chart, we inverted the declining data so that it tracks with the actual movement of the NYA Index.

Look at the chart and note how the NYA Index pulls back when the NYSE Declining volume goes below our zero line. If you have a keen eye, you can see that there is one exception ... when the NYSE Declining volume goes below the zero line WHILE our zero based Relative Strength is still positive, then the Declining volume loses its power to cause a serious corrective move.

So, where were these indicators yesterday? Our NYSE Declining Volume dropped and closed very close to the zero line, so a caution is in effect.

At the same time, our zero based Relative Strength was STILL positive. However, it was dropping pretty fast, which isn't a problem yet ... BUT it will become a problem if it keeps dropping and goes Negative. (This data is part of our Multi-Indicator model seen in Section 3, chart 4 on our paid subscriber site.)