The short-term is now trending down (or sideways). The SPX equal weight index is now pointed lower after closing below the 5-day while the momentum indicator histogram closed in the red.
 

The Containers and Packaging index was very weak today.

The bullish percents closed lower, and have been weak while the indexes have been strong for a number of days.

The short-term is very much a judgment call. Not all the indicators have rolled over yet, but my best judgment says the short-term correction has started. There isn’t much to suggest, though, that this is much more than a normal short-term cycle. But that can change quickly, as you know, so keep an eye on important indicators such as the new 52-week lows.
 

Outlook Summary:

The long-term outlook is mixed.
The medium-term trend is up.
The short-term trend is down as of Dec.14.