The market's short-term trend is a bit weak, and the bullish percents are drifting lower.

(Click on image to enlarge)

The major indexes are below their 50-day moving averages.

(Click on image to enlarge)

The Semiconductors are not helping this market as the index tests its 200-day average.

(Click on image to enlarge)

Junk Bonds are no longer cooperating either.

(Click on image to enlarge)

Oil up and Gold lower? What does that tell us? I am open to other views, but I would say higher oil points to higher rates, which points to a higher US Dollar which pushes down the price of gold. I don't think that works in favor of stock prices for the general market.

(Click on image to enlarge)

Sector Strength

Below is the spreadsheet I use to help track the relative strength of the various areas of the general market. Blue is a shift higher, and red is a shift lower.

Stick with the relative strength leaders, particularly when the market pulls back into the buying range again in a couple weeks (as indicated by the PMO Index).

The charts above are not good signals for a stock market in the short and medium-term time periods.

Lakshman Achuthan of the ECRI is talking about the economy in this brief video. This is worth a listen, but basically he says that the US economy is experiencing a cycle downturn. He says that there are no signs yet of a recession, but that during a cycle downturn the economy is vulnerable if there is an unexpected shock. He is watching carefully for signs that indicate where the economy is headed next, up or down.

Outlook Summary:

The long-term outlook is increasingly cautious. Reduce overall exposure to stocks on rallies.
The medium-term trend is down.
The short-term trend is down as of Apr-20 

The medium-term trend for bonds is down as of Apr-19. The 10Y yield is back above its 50-day.