The short-term trend is intact, but extended. I continue to be worried because it all seems to good to be true, and while the people at the ECRI are warning of a slowdown.

Utilities were today's standout sector.

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Oil prices were strong today, but the shares showed weakness.

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The Short-Term Leader List

The strongest ETFs are blue, additional leaders are green and recent weakness is red. The S&P500 is the benchmark.

This list is completely out of control. It is way too long, but these all have healthy technicals. Interesting, though, that DIA, SPY and SDY are at the top of the list now which is defensive. Korea is again in the leader list.

The only sectors showing weakness are Retail and Energy, while some recent strength is shown in India, REITs, Utilities and Gold Miners.

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Outlook

The ECRI index is pointing to weak economic growth in the months ahead, but the ECRI index may have bottomed out. 

The long-term outlook is worrisome.
The medium-term trend is up. 
The short-term trend is up. Watching for signs of the next short-term downtrend.