Short-term: Neutral
SPX formed a hanging man at its high today as it works through a sideways consolidation. Advance-Decline data has weakened (for both SPX and Nasdaq) but remain positive. A firming dollar threatens to move contrary to equities, where firming bond prices also point to a modest rotation from equities. Any correction is considered a 4th wave of a 5-wave uptrend and should be mild. A 1-3% retracement from current levels would convince us to add index longs. We will continue to scan for high reward-risk entry points in strong relative strength stocks.
