This week it's simple. I'm watching/waiting for volume to reenter the market and confirm or reject last week's holiday action.
Last week ( SPY, DIA, QQQ ) all traded to new 52 week highs with my short target ( EWC ) bouncing significantly in sympathy.
( OIL ) price action appears to have moderated a little in terms of downside volatility; buyers and sellers that remained haven't shown conviction one way or the other yet.
There is good reason to be skeptical of last week's broad market moves. See the disparity between relative volume and average volume across the board. Below I've highlighted the lack of volume of some popular ETF's I'm tracking.
Except for ( OIL ) which traded at 1.7x average volume the other ETF's experienced anywhere from 0.5x to 0.2x their average volume during the last session. With this week's market open minutes away we will find out if conviction has returned via volume/relative volume throughout the week.