The US market has been going up since March 2009, a 10-20% correction would be healthy for the continuation of the bull market. Fibline has showed us a doji on the monthly which I think is significant and his trendline is simple and solid.
We are now in negative lunar cycle after new moon on April 29th. Next Wednesday May 14th is full moon and i will be looking for a short term bottom there, I rather wont call this bottom precisely but perfectly if they bottom at 1830-40. Then, when VIX spikes up (it is now due for another cycle up) and there is a full moon (both emotional indicators!) you have a chance for a massive rally up and new high, be careful with shorting after mid next week.
Check 2011 and dates between April 1 (new moon), April 18 (fool moon) and then rally to the top and another new moon on May 02 - then at that point it was massive opportunity to short.
Just my 2cents, good luck everyone.
Agree Dunster, It's key to use monthly charts at the end of the month. Perhaps a view of weekly charts would be helpful, or, alternatively, design monthly charts to go back X# of days back from today. 22-days per monthly bar using today as the last day of the monthly bar. Maybe write a script to make that happen. Nice comment.