The short-term downtrend (consolidation) continues.
 

The Short-Term Leader List

The strongest ETFs are blue, the additional leaders are green and the weakest are red. The S&P500 is the benchmark. Disclaimer: This list is not a recommendation to buy or sell.  

Consumer Discretionary on the leader list? And Energy is right behind and could soon be a leader.
 

Could this ETF be breaking out?
 

The Energy stocks are breaking out. This is a nice looking turnaround.
 

Outlook

The ECRI index has bottomed out and is pointing higher. 

The long-term outlook is improving.
The medium-term trend is up. The best period for buying is past.
The short-term trend is down.