The short-term uptrend is starting to look a bit extended, and today's rally looked exhausted. So we are on watch for signs of the next short-term top.

For the moment, though, the uptrend is intact and the bullish percents are confirming.

The SPX equal weight looks like it might be near the top of its cycle, and momentum is easing up a bit.

Sector Strength

Foreign stock ETFs remain the leaders over US stock ETFs (the weak US Dollar is at work here). Large caps over small caps. Stocks over bonds. Tech and Health Care over most everything else.

This Russia ETF may be rolling over.

Earnings for Industrials are expected to improve with a weak dollar as well as increased defense spending.

Not again! Optimism is back in the financials.

Outlook

The ECRI index is pointing to weak economic growth in the months ahead.

The long-term outlook is worrisome.
The medium-term trend is up.
The short-term trend is up.  We are on watch for signs of a short-term top.