The market seems to be getting just a bit defensive as REITs, Utilities, Large Caps did well today while small caps were a bit weak.

There was some weakness in this group while the rest of the market advanced. These packaging stocks seem to sell off just before the broad market at the peak of the short-term cycles.

This bullish percent index looks ready to head lower.

The Medium-Term Trend

The medium-term trend looks very healthy, and this is a favorable time of year for stocks.

Since late August, market breadth has been very strong, and it is similar to the 2016 post-election period. But you know all this already...

The Transports are confirming the bull market.

Bottom line: I don't have any stock charts that suggest the market is heading significantly lower any time soon. But, I am nervous because it all seems too good to be true.

There were no changes to the leader list.

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.