It would be nice if we could get a market correction and start the next cycle. I thought today would bring the start of another leg lower for the market. But no.

The bullish percents show that there wasn’t much selling today. The Summation Index and the PMO Index confirm the bullish percents.

The short-term uptrend that began March-27 continues.

However, we are still on the downside of the medium-term trend as shown by this chart of the inverted VIX.

The Leader List

There was a lot of weakness today. The cyclicals are all rolling over starting to head lower, and the defensive areas are gathering strength.

The standout for weakness was the Semiconductors (chart to follow). As mentioned in prior posts, if the semiconductors roll over, the entire market is likely to follow lower as well.

Gold Miners were the stand out for strength today.

This looks like a trend line break for the semis.

This is a very nice looking chart for the miners! I haven’t yet pulled the trigger though.

Outlook

The long-term outlook is positive. 
The medium-term trend is down as of March 21
The short-term trend is up as of March-27

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