The market internals continue to weaken even though the general market refuses to sell off. The PMO index has declined quite a bit.
Same with the SPX PMO index.
The Dow Industrials have looked good recently, but could they be rolling over short-term?
The Leader List
Bonds, Biotech, Pharmaceuticals have been showing strength.
Defense, Materials, Financials have dropped off the leader list.
Financials looked like they were breaking out a couple weeks ago. Now, Financials don’t look so good.
Is this a rally brewing for the gold miners?
Outlook
The long-term outlook is positive.
The medium-term trend is up. Overdue for a correction.
The short-term trend is up as May-24. Looking for signs that the next downturn is starting.
