The short-term trend continues to be impressive. Oil prices firmed up and the entire stock market is happy about it.

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The Medium-Term

The weekly chart of the S&P Equal Weight is pointed higher, and the momentum indicator is encouraging.

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The Leader List

This has turned into a broad based stock market rally. Almost all of the ETF charts that I monitor are looking bullish or promising.

The Technology stocks are back in the leader list. You knew they would be.

Strong: Health Care, Technology, Energy, Bonds, Small Caps.  Weak: Transports, Financials.

Health Care is pushing against the top of its range. This looks like it could be getting ready to break out.

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Japan may be close to breaking out.

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Energy finally broke above its 50-day. Do we have an Energy rally?

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The Energy weekly chart still has some work to do.

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Outlook

John Murphy has pointed out that it has been a year since the market has experienced a 5% correction so it is overdue for a pullback. He also mentioned that we are entering the risky time of the year for market corrections.

The long-term outlook is positive.
The medium-term trend is up.
The short-term trend is up as of July-12.