Here are the latest technical and sentiment indicators:

Technical Indicators (daily chart)

S&P 500 is above its 50-day MA = Bullish

MACD (S&P 500; 19,39,9) is above its zero line = Bullish

MACD (S&P 500; 19,39,9) is above its signal line = Bullish

S&P 500 support @ 2400

 

Sentiment Indicators (+RSI)

II survey: (June 6): 55.8% Bulls; 18.3% Bears = Bearish

AAII survey: (June 7): 35.4% Bulls; 29.5% Bears = Neutral

VIX: @ 10.70 = Bearish

RSI: (S&P 500) @ 63.64 = Overbought

Comment: This week should be interesting because of the Fed meeting. At first glance, the market went nowhere last week, but underneath the surface it was volatile. I couldn’t explain the current market any better than analyst Lance Roberts, who backs up his opinion with frightening charts. His weekend column is here: https://goo.gl/F5IY2X and another gem on meltups: https://goo.gl/EcFOuM

Bottom line: The market is still in an uptrend but be very, very cautious.