Is the fourth time a breakout Charm for stocks?

Three weeks ago, the market was on the brink of turning a minor pullback into a major meltdown. In the two weeks since then, the market has done something it hasn't done in years. What's that?

After crossing overbought territory on Friday, T2108 has inched higher the last two days…and yet has STILL failed to close at or above the 70% threshold that marks overbought conditions.

The averages have closed all over the place. The DOW closed flat and in the red while the small caps closed fractionally higher in the green. Volume was low for most of the afternoon with some moderate trading at the close.

Never in the history of US equity markets has the S&P 500 closed above its 5-day moving average for 28 days in a row... until today.

The market is drifting higher on low volumes, and do not expect tomorrow to be much different 'unless something happens.