It does look bearish in the short term.

                         
SPY Market Forecast 68.02 Short-term bearish pointing down in the middle zone                
   0.51   PCALL - 10 day SMA (0.75 - 1.00)                  
   134.3   SKEW (120 - 135)                    
                         
INTERMEDIATE TERM: Uptrend- Price above 30 &10 Wk SMA                    
  6-months UP                      
  10-days DOWN                      
  3-days DOWN                      
                         
Indices                         
UP:                            
Down:     IWM -1.51% ; SPY -2.00% ; DIA -2.05% ; QQQ -2.10%             
                         
  TLT -0.60% at 152                    
  VIX +9.53% at 33.09                    
                         
Sectors                         
  0 sectors closed higher led by  XLU -0.54%  and  XLV -0.84%    Lower =  11            
  2            closing above 30d. SMA  and 9   closing below.      
                         
XLU leaders     :    DUK, XEL, AEP, D                    
XLV leaders     :    TMO, ABT, PFE, LLY                    
XLRE leaders     :    CCI, EQIX, PSA, PLD                   
                         
Uptrend XLV, XLC, XLB, XLF, XLY, XLK                      
Sideways XLU, XLRE, XLP, XLI, XLE                      
Downtrend                        
                         
                         
Breath:                         
NYSE Weakened  as  Decliners led  865   to   2312 and  Nasdaq   Weakened  as  Decliners led 1145   to   2754         
                         
                         
NDX Leaders:                          
12 closing higher  and  91 closing Lower                   
WDC : +7.18% ;  SWKS : +5.92% ;  BIIB : +5.50%               
                         
DJIA Leaders:                          
1 closing higher  and  29 closing Lower                   
MCD : +0.49% ;  CRM : -0.42% ;  IBM : -0.81%               
                         
SP500 Leaders:                          
60 closing higher  and  444 closing Lower                   
WDC : +7.18% ;  SWKS : +5.92% ;  BIIB : +5.50%               
                         
NASDAQ 100                        
                         
Nasdaq Above 30MA    =  33                      
WDC, SWKS, BIIB, DXCM, GILD, ATVI, QCOM, EA, EBAY, MU, AVGO, CERN, WBA, INTC, NFLX, GOOGL, NTAP, GOOG, NTES, SIRI, FOXA, CTXS, FOX, ASML, PCAR, AMGN, ILMN, MSFT, MELI, KLAC, BIDU, AMAT, TSLA   
                         
Stocks to watch on  Monday                      
                         
 Nasdaq100  xsing above30   = 1                     
  ATVI                       
                         
 Nasdaq100  xsing below30  = 19                     
  CSGP, REGN, AMZN, KHC, SNPS, INCY, CSCO, ZM, TXN, CDW, ALXN, JD, CHKP, LBTYK, AAPL, ULTA, CMCSA, LBTYA, CHTR            
                         
                         
MACD Crossover:                       
Up   2                      
SWKS, DXCM                        
                         
Down   14                      
EA, CERN, NFLX, GOOGL, GOOG, ADBE, NTES, FOXA, FOX, PCAR, MDLZ, CHKP, AAPL, CHTR                 
                         
 

Bull flag bounce on SPY, MFC intermediate sentiment is bearish in the middle zone. IWM led the upside.

SPY Market Forecast 71.32 Short-term bearish pointing down in the middle zone           
   0.55   PCALL - 10 day SMA (0.75 - 1.00)             
   145.5   SKEW (120 - 135)               
                    
INTERMEDIATE TERM: Uptrend- Price above 30 &10 Wk SMA               
  6-months UP                 
  10-days UP                 
  3-days SIDEWAYS                 
                    
Indices                    
UP:     IWM +1.55% ; QQQ +0.82% ; SPY +0.69% ; DIA +0.50%        
Down:                       
                    
  TLT -0.74% at 156.37               
  VIX -6.04% at 25.34               
                    
Sectors                    
  8 sectors closed higher led by  XLE +4.48%  and  XLB +2.25%    Lower =  2       
  7            closing above 30d. SMA  and 4   closing below.
                    
XLE leaders     :    EOG, COP, SLB, XOM              
XLB leaders     :    APD, DD, DOW, PPG              
XLI leaders     :    BA, GE, CSX, RTX               
                    
Uptrend XLE, XLB, XLI, XLY, XLV, XLK, XLF, XLC, XLP               
Sideways XLU, XLRE                 
Downtrend                   
                    
                    
Breath:                    
NYSE Strengthened  as  Advancers led  2292   to   871 and  Nasdaq   Strengthened  as  Advancers led 2708   to   1080    
                    
                    
NDX Leaders:                     
77 closing higher  and  26 closing Lower              
JD : +10.62% ;  LBTYK : +5.93% ;  NTES : +4.99%          
                    
DJIA Leaders:                     
22 closing higher  and  8 closing Lower              
BA : +4.40% ;  DOW : +3.26% ;  CVX : +2.70%          
                    
SP500 Leaders:                     
370 closing higher  and  137 closing Lower              
OXY : +10.09% ;  FANG : +9.66% ;  APA : +9.55%          
                    
NASDAQ 100                   
                    
Nasdaq Above 30MA    =  73                 
JD, LBTYK, NTES, LBTYA, EXPE, MU, SWKS, LRCX, ALGN, AMAT, DXCM, LULU, QCOM, NXPI, TCOM, NVDA, FOXA, MCHP, FOX, KLAC, MXIM, ILMN, INTC, ADI, SNPS, ADSK, WDC, TTWO, BIIB, EA, PYPL, XLNX, AAPL, IDXX, BKNG, ASML, EBAY, AMZN, MNST, ATVI, TXN, TSLA, AVGO, ISRG, MELI, CERN, ANSS, AMD, AMGN, NTAP, ALXN, SBUX, CTSH, CDNS, MDLZ, MSFT, ROST, CSGP, GILD, VRTX, NFLX, CPRT, TMUS, VRSK, BMRN, WBA, ORLY, INCY, ULTA, INTU, CHKP, COST, BIDU
                    
Stocks to watch on  Wednesday                 
                    
 Nasdaq100  xsing above30   = 10                
  LULU, QCOM, TCOM, NVDA, FOXA, MCHP, FOX, BIIB, XLNX, CTSH             
                    
 Nasdaq100  xsing below30  = 5                
  CSCO, VRTX, CTXS, KHC, VRSN                
                    
                    
MACD Crossover:                  
Up   4                 
MU, MXIM, ADI, EBAY                  
                    
Down   3                 
CDNS, CSGP, VRSK