S&P500 - Still warning flags out for the short term time horizon

Firstly we have to remember and keep in the back of our minds is that the S&P500 is still in a bull channel and Long term uptrend; but like the FTSE100, and like I mentioned last week, the indicators are implying that we may still be in for some lower numbers to come.  We're currently seeing long-shadowed / small-bodied candlesticks and a rangebound price behaviour, but given the time of year we should try to avoid reading into this too much.

S&P500 looks good, but minor cause for concern persists.....

The S&P500 still looks strong and the longer term investor doesn't have any real reason to worry too much.  The only thing to watch is, just like the FTSE100, there is divergence occurring in Momentum Indic. vs price action and the fact that we are towards the top of the trend channel.  Despite these factors the SMAs are still all inline and positive looking, and all bullish trendlines are intact.  So we should be too surprised if there is a pullback or consolidation soonish around the 1650/1620 area.  If there is a breach below, we would need to have a reassess of the situation.