The larger trend is probably headed lower from here in order to work off some of the excess that has accumulated since the election. But the short-term is oversold.

I think it means we could get a market bounce that will draw people in before heading lower again. Or.. there is always the possibility of the dreaded sideways market.

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The major indexes bounced back today, but the internals were weak again as shown by the bullish percents.

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The New Highs / New Lows are weak although not looking too bad.

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The Transports are right in between the 50 and 200-day averages.

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The Leader List

The leader list has changed quite a bit. There are now eight foreign ETFs among the leaders.

Utilities are now leaders while financials have fallen off. Is this just a natural rotation or is something bigger taking place?

Outlook

The long-term outlook is positive. 
The medium-term trend is up down as of March 21
The short-term trend is down as of March 21