Signs of Strength:
Breadth indicators have risen modestly, on a weekly basis, not overbought on this time scale:
Put/Call Ratios not extreme (although $CPCE a little more problematic than the overall ratio):
X-Trend indicator not yet at extremes:
Signs of Caution:
$RUT at some high trendlines, trying to break through...
Slightly worrying sentiment appeared tonight:
Important question, when will this wedge in the $VIX resolve bullishly, and therefore bearishly for the market? This is not yet clear, but we have to watch it closely: