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The short-term downtrend has continued, although its recent movement has been more sideways than downward. This chart of the SPX shows how the last three trading sessions closed near the lows of the daily range. That is about the only negative I can see in this chart. Prices have held nicely above the 5937 support, and new 52-week lows are not material.

The PMO Index is near its lows and has been there for three days. With the PMO at this level, it is a bit late to be selling stocks to raise cash, but also a bit early to be a buyer of stocks.

All three of these major indexes are ticking below their 5-day averages, which confirms the downtrend but actually looks like nothing to be concerned about. The next uptrend won't start until there is a close above these 5-day averages.

The percentage of stocks above their 50-day averages continues to point lower, but this is nothing alarming.

The bullish percents are also ticking lower, but it looks barely worth mentioning.

Same here with the Summations.

I can't see anything other than a strong bullish trend in this chart. When junk bonds are pointing higher, it is generally a green light to buy stocks on dips.

Here is a look at a 20-year seasonality chart for SPX. We are getting close to the next month, and based on the pattern shown below, we could have a nice rally in July. But who really knows, because there is a lot happening in the world at the moment that could disrupt the stock market.

Bottom Line

I have reduced my gold and silver miners holdings down to long-term position sizes. I've got cash to deploy, but I'll be selective and cautious about buying until the market gives off some hints that it is ready to rally again.

Meanwhile, there is some concern that commodity prices are rising at a rate that could undermine the economy and, therefore, stock prices. This ETF is showing prices just barely into new highs. It is too soon to be too concerned, but it definitely should be on the radar as an issue.

Outlook Summary

• The short-term trend is down for stock prices as of June 13.
• The medium-term trend is neutral for Treasury bond prices .

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