The Trend is your Friend :-)
I spare you trend lines as they exist to be broken ! Price counts and money flow whether in- or outflow is important. Trend lines might assist in guessing a next target but they are not to be used to determine a short entry or any sort of top guessing activities.
The TREND IS UP
Short & Intermediate Term
A pullback is due despite the fact the Daily SPX Chart shows no sign of a sell signal yet That being said, the NYSE Summation already signalled us a pullback with the sell signal. However, the trend as per montly chart shown above remains intact.
Transport and Utility have not really lifted off the 50 EMA and show some small divergence to the Dow Industrial. INDU is a bit too much away from the 50 EMA and it would be healthy for the market to test the 50 EMA or turn just above it.
Perma Bears need to realize that the Dow and Nasdaq already surpassed the May 2011 highs. Anyone who is also checking Sector Charts can see many of the sectors made new highs too.
How can that be bearish ? This is a bull market !