The overall Indicator Scoreboard is maintaining its position near the SELL range.
The Short Term Indicator (VXX $ volume and Smart Beta P/C) continues to be range bound in the moderately negative sentiment range.
The MISC indicators that I mentioned several weeks ago, as not confirming a potential top, are now moving closer to the SELL region. The VIX P/C and TRIN charts are shown below. The TRIN (showing net adv issues/net volume) has risen to the highest level since last Sept, indicating that supporting volume is drying up as prices advance.
Finally, the gold stock sentiment (HUI) remains in the SELL region as mining stocks posted a modest retreat.
Conclusion. At least one well known EW analyst, Pretzel Logic, feels that the 5th wave may be complete. This may be so, but sentiment indicators do not indicate risk of strong downside just yet, mid-March is appearing more likely to be the point of maximum risk.
Weekly Trade Alert. None for this week. Updates @mrktsignals.