The short-term uptrend is intact, and there is very little to indicate that it is weakening. 

However, I am feeling increasingly cautious. It all just seems too good to be true particularly with indications that the economy might be slowing. That's just my opinion and I don't have much to support it.

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The Leader List

I have changed this spreadsheet. The long-term leaders are blue, the short-term leaders are green and the ETFs showing recent strength are shown at the bottom. The S&P500 is the benchmark. 

There are a lot of ETFs on this list, and it shows how broadbased this rally has become. But at this point, it feels like the market is getting frothy. 

Is Health Care rolling over in the short-term?

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Outlook

The ECRI index is pointing to weak economic growth in the months ahead.

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