charts

It's a bit of a confusing picture at the moment, as the following charts will show.

The McClellan Oscillator had a clear divergence at the low last week, as did the cumulative NYAD (which has now hit a new high). The summation index has also turned. All bullish signs.

The Bullish Percent diverged at the high and has made a solid trend down.
The Russell 2000 has been weak relative to the SPX for months.

Both of course are bearish indications.

Vix is low but in the middle of it's range.
The Put/Call ratio's are not particularly extreme.
Both the CNN and NAAIM sentiment indicators were fairly extreme on the upside but have now come off considerably.

So sentiment isn't much help.

I would ordinarily be inclined to read the above charts as bullish however the astro indications are bearish so it's just muddy waters to my eye at the moment.

Revisiting some earlier charts...

2010 (1 x 7 years) had a mid April high followed by a big plunge into some May to July lows.

2003 (2 x 7 years) is just bullish all the way to the end of the year.

1996 3 x 7 years had an April or May high followed by a plunge into mid July.

So 2 out of 3 say that we top soon (but not yet) and go down.

Sometimes it all seems so obvious, but not at the moment!

Clear as mud?