Taking a look at stock market action last week, we see price consolidating after breaking to new highs. Stocks are being bought even after rather poor earnings reports, and meanwhile there are a good number of stocks reporting legitimately positive quarters. Money is flowing into equities, and traders have a large number of earnings winners from which to choose. Looking at the SPY chart, price made a major move to new highs on 7/23, and then broke out again on 7/30. The last two days of the week saw some end-of-day weakness, which provides some reason for short-term caution. In any case, this is a bullish chart. <img style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;width: 400px; height:
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