The larger trend is probably headed lower from here in order to work off some of the excess that has accumulated since the election. But the short-term is oversold.
I think it means we could get a market bounce that will draw people in before heading lower again. Or.. there is always the possibility of the dreaded sideways market.
The major indexes bounced back today, but the internals were weak again as shown by the bullish percents.
The New Highs / New Lows are weak although not looking too bad.
The Transports are right in between the 50 and 200-day averages.
The Leader List
The leader list has changed quite a bit. There are now eight foreign ETFs among the leaders.
Utilities are now leaders while financials have fallen off. Is this just a natural rotation or is something bigger taking place?
Outlook
The long-term outlook is positive.
The medium-term trend is up down as of March 21
The short-term trend is down as of March 21
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