Looks like I didn't miss much by being away last Thursday & Friday. All the indices look ready to pullback a bit and I'm really looking forward to playing the short side for a few days. I'm not calling a top or anything but just a normal retracement to (near) the bottom of the channels on the Nasdaq & S&P 500. However, as you'll see below, I am a bit concerned about the action in the small caps, mid caps and semiconductors. Forget all the hype about new highs on the Dow, some of these other market segment look downright sickly.
Here are charts of the Nasdaq, S&P 500, Dow, Russell 2000 (IWM as a proxy), S&P Midcap Index (MDY), the SOX and the Bank Index (BKX):
Especially the sox and russel are interesting as they did not manage to print a new high during the last up leg. The length of the legs is becoming shorter and shorter. If you see INDU, it is printing a sort of rising wedge which is a typical bearish pattern right into resistance. I am not so willing to go long in this situation. At least in the short term.