The overall Indicator Scoreboard continues to hug the low bearish SELL region, but as seen in the bond chart below this may continue for a while.
The Short Term Indicator (VXX $ volume and Smart Beta P/C) remains at very low levels, but refuses to show total capitulation by falling to the SELL level.
The intermediate SPX ETFs (SDS/SSO) is also in a similar pattern to the Short Term Indicator.
The other MISC indicators, VIX P/C and TRIN, reversed the trend from last week.
Bond sentiment (TNX) remains in a range around the neutral zone as rates continue to trade in a narrow range.
Finally, sentiment for gold stocks (HUI) has started to rise as gold stocks fell over 10% over the past week following the recent SELL signal.
Conclusion. The stock market is very extended sentiment wise but there is no definite indication of a short-term top. One of the scenarios I discussed several weeks ago was the 1987 period, which saw a 20% run up in six months and then a 40% decline the following six months, this may be one of those times.
Weekly Trade Alert. None for this week. Updates @mrktsignals.