Just as the Market internals deteriorated at the end of January, leading to the countertrend rotation, the end of last week saw the beginning of internal weakness once again at all-time highs. While the weakness is stronger than the previous decline, continue observation. Should the weakness continue and become more exacerbated, it would signal another pause or countertrend move.
As I have said previously, Markets give us information every day on their potential direction. Our job is to interpret that information and then make probability assessments as to the next directional move. The trend is up. However, if the weakness persists for the next few days, another countertrend move will become the higher probability.
Pay attention to short term support levels. If broken, it will open up possible tests of intermediate-term support.
I am anticipating some volatility for next week.