The chart below is of the daily S&P 500 using a modification of My ETF Trading System found here. What this chart shows is that we are at the top of a range in an uptrend. The two blue bars on the right side of the chart indicate that last Thursday and Friday the momentum had declined from that of the green bars that preceded it in this uptrend. The last blue bar is a doji like bar indicating indecision. The MACD indicator, which is set to a very sensitive setting, will indicate a downtrend once the zero line is crossed to the downside. We are at a critical point in the markets where we will either break out above the 1130 area and move higher or breakdown and move lower from here. Which way we go we will just have to wait and see. Click on chart to enlarge.

The performance chart below shows that we have several ETFs that have moved from negative to positive territory on the Year-to-date basis over the last week and these include the Russell 2000 small cap index, the emerging market EEM, the Nasdaq index, and the Dow Jones index. This is a positive change but will it last? Again, we will just have to wait and see. Click on table to enlarge.