A quick charts of interest to see how things are shaping up. Everyone is so quick to call the top of the market at the first sign of a down day. These people will be the last to see the top when it actually occurs. I look at my evidence that I have at hand and I determine what course of action to take. I never listen to what any market pundit is saying. The media like to promote fear porn because that is what people want to read.
NYMO is recovering rapidly back to extreme greed.
SPY weekly has never looked like a reversal since the uptrend began after Trump won the election. If we get a break below the green line, then and only then can we start to consider the prospect of serious downside potential.
JNK v SPX daily junk bonds are back above the 15 day MA so we can take this as a short term bullish indicator. See how it goes.
VIX 4hr headed back to the key support.
RUT daily small caps recovered back to resistance. See if it breaks out.
QQQ weekly strong bullish look. No evidence to suggest any downside potential at this time.