Another Wall Street Crossroads

The stock market at this time is providing enough evidence for either the bulls or bears to make their cases. Two important indicators which displayed strength at the recent rally peaks are the late Richard Russell's Primary Trend Indicator (PTI) and the NYSE advance-decline line (NYSE A-D line). Both of these made new all-time highs at the April 21, 2016 rally closing peak of 2100 and neither of which has sold off too sharply during the subsequent decline from that apex. A link to the $NYAD  is given below but I can not give a link to the PTI because it is proprietary to Dowtheoryletters.com.

http://stockcharts.com/freecharts/gallery.html?%24NYAD

On the weekly charts of indexes, ETF's, and mutual funds a potential inverted head and shoulders pattern can be seen, one which has evolved into a sort of cup and handle pattern with steep sides (like a type of wine glass). Here are a few charts of mutual funds and ETF's which illustrate it. The list is ordered with the largest cap funds at the top and the smallest-cap funds at the bottom. The aforementioned chart patterns are stronger the larger-capitalized their groups are:

http://stockcharts.com/freecharts/gallery.html?s=DIA
http://stockcharts.com/freecharts/gallery.html?SPY
http://stockcharts.com/freecharts/gallery.html?s=PEMGX
http://stockcharts.com/freecharts/gallery.html?s=IWP
http://stockcharts.com/freecharts/gallery.html?PRDMX
http://stockcharts.com/freecharts/gallery.html?s=GGOIX
http://stockcharts.com/freecharts/gallery.html?s=IWM
http://stockcharts.com/freecharts/gallery.html?s=IWO
http://stockcharts.com/freecharts/gallery.html?s=IWC