Stock market is rallying past January highs in all indices. I1 is in uptrend until 4/2. Short-term technical composite remains below sell signal level. -24 is the signal, -20 is the current. This invites higher prices short-term while stock market erodes it's technical foundation. As long as the intermediate-term technical composite is neutral (<+12) then when the short-term composite reaches -16 it takes ever increasing amounts of fresh money to push higher. By the time it reaches -24, if that capital is not immediately injected then the stock market turns down, regardless of the overall financial system liquidity or economic news. Just because the Fed makes the liquidity available does not mean that it is borrowed and directed toward risk assets. The intermediate-term composite is currently -1, so it is neutral.
Currently the shorting flash-point is 10,605.
Silver has not broken hourly stop, which remains at 17.10. Cash market was up 3c on the day while the stock market romped. Definitely relative weakness here.
Looking at crude as possible short. Peak in it's forward sentiment gauge is due in the next couple of days. It is currently held aloft by stock market rally, but there appears to be an incipient divergence in relative performance between economically sensitive commodities and the stock market.
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