Technically, the S&P 500 Index looks strong. The price trend, as measured by the 13/34-Week MA (posted below) turned positive in late March 2016. My favorite “weight of evidence indicator,” the CMG Ned Davis Research Large Cap Momentum Index, is nearing a buy signal.
Further, the “Don’t Fight the Tape or the Fed” indicator is in a favorable equity market signal and Volume Demand (buyers) continues to be greater that Volume Supply (sellers). You will find the charts below.