My market thesis has not changed, and I am still looking for stocks to churn here. The market looks to be debating between #1 or #2 still.
I fail to see the head and shoulder on the SP500. To me, the recent high did not break from the 1210 market. Despite hitting 1220s, the action there was weak so I do not consider it significant.
Right now, to me, it is at the upper end of its channel.
But the real resistance is indicated from the weekly chart via the 320SMA (first) then the 200SMA.
I just do not know the catalyst that will break it from this major resistance just yet. The SP500 can glide upward due to valuation, but I am just not ready to count out a churn or correction yet. On that note though, charts of key stocks look really nice still, CSCO and AAPL being two of them, which adds internal support to the market and supports a potential churn vs. correction.