There isn’t much to report. The SPX is consolidating near the 50-day average, and so far it looks like the kind of market action that builds a new base. I wish I had more to offer.
 

Market breadth continues to look very good with the cumulative advance/declines and cumulative up/down volume above the 50-day. Bullish.
 

Outlook Summary:

Higher rates are now a headwind for US stocks. The recent tax cut, the 300 billion spending increase, and the already out-of-control federal deficit are a set up for a very dangerous spike in interest rates.

The long-term outlook is cautious.
The medium-term trend is down.
The short-term trend is down. Watching for the next short-term uptrend.