Market Overview - Thursday, June 22

The market internals continue to weaken even though the general market refuses to sell off. The PMO index has declined quite a bit.

Same with the SPX PMO index.

The Dow Industrials have looked good recently, but could they be rolling over short-term?

The Leader List

Bonds, Biotech, Pharmaceuticals have been showing strength.
Defense, Materials, Financials have dropped off the leader list.

Financials looked like they were breaking out a couple weeks ago. Now, Financials don't look so good.

Is this a rally brewing for the gold miners?

Outlook

The long-term outlook is positive.
The medium-term trend is up. Overdue for a correction.
The short-term trend is up as May-24. Looking for signs that the next downturn is starting.