The market held up rather well this week overall with a lot of great action “under the hood”. The PnF chart for the SPY is below showing a 1 box p/b from the most recent high print:

Now for a look at a traditional Candlestick view of the SPY:

Price is doing a great job here of working off the mild Overbought (high RSI) reading. A mild overshoot of the rising trend line above brought in some sellers. The 50 day moving average looks to be slowing a bit after the Golden Cross event recently. The MACD has become embedded, Bulls will want it to avoid a rollover here.

A little correction through time is the ideal scenario and if that occurs – focus on individual stocks that are participating in a positive way. You can find stocks that are within 3% of the 52-week high here.