The short-term downtrend is well underway, but so far it hasn't even broken the 20-day.

The bullish percents helped show the action in the market behind the major indexes. We now have 5 or 6 days of strong declines for these breadth indicators.

Small Caps took a hit today.

The signs of a more significant medium-term downtrend are not showing up yet. For instance, the general market is not going significantly lower as long as the junk bond chart looks like this.

The Leader List

The number of US stock ETFs on this list is shrinking, and the number of foreign ETFs is growing.

This ETF was hit hard today. The stocks in this ETF are high growth, high volatility small caps.

Is Gold ready to peak again short-term?

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. Watching for signs of a peak.
The short-term trend is down as of July-28.