Weekly Market Update: Symbols are Up

Chartmill posted a very good article in the blog this weekend stating the market has been in a channel since April. "Since April, the Dow has been content to drift aimlessly between 17,500 and 18,000.  Similarly, the S&P 500 is vacillating between roughly 2050 and 2100.  Weekly volume for both indexes declined significantly over the month of May.  ...this is not a good environment for trend-followers and you need to be wary of signals from trend-based approaches right now."

This matches what I've seen with the symbols. They are up then down, then sideways. No real direction has emerged. This week we are up but I don't necessarily trust it.