Weekly Chart: The stock market has regained historic highs after last month's correction, but has not yet closed (on a weekly basis) above the 1/9 ATR keltner channel. (My signal for trend confirmation). We are at the 9th week since the last such close, and the MACD is pointing down. 13 weeks without such a close would signal the end of the weekly uptrend. This gives me considerable pause, especially in view of January's correction. Another correction could be imminent.  Also, Money is now flowing into bonds, real estate, and commodities (but not into the dollar) for the first time in many months. These markets have emerged as new weekly uptrends while the S &P has failed to make new highs.

In January, Bonds were almost the mirror image of stocks. Renewed strength in bonds (yesterday) must be viewed as negative for stocks. Real estate and gold are the strongest on a relative performance basis this year.

MACD momentum continues up on the daily chart, so this time frame is not yet a short. The Daily chart closed lower than the open in three of the past 5 days, is below the keltner channel but has not yet retraced 5 days from the last high close (my set up for long trades). Therefore, the major market is not a buy or a sell  on anything but an intraday chart. Watch for resistance at 185.67 on the SPY. Possible shorts between 185.67 and 186.32.

Action plan: possible shorts in SPY, but not for some days. SPY must go 13 days without a new high, and/or close below 182.



Individual stocks can still be traded long or short provided that have positive or negative relative performance.