Transports are Confirming Rally

5/2 - "Over the last week or so I have written that while the QQQQs were rallying the S&P and Russell 2000 were stuck underneath resistance levels. Therefore, the QQQQ rally was questionable.

That changed yesterday when the IWMs and SPYs broke through resistance on decent volume.

Now we have another confirming signal: the transports are also moving higher."

"On the daily chart notice the following:

-- Prices are above the SMAs

-- The short SMAs are above the longer SMAs

-- Prices have broken through the 200 day SMA

-- The three shorter SMAs are moving higher

-- The three shorter SMAs have moved through the 200 day SMA"