Investor sentiment is neutral across the slate of indicators for the second week running. While the trend remains up, the best - most accelerated - gains are likely behind us. Higher prices will bring out more bulls, which will be a bearish signal.
The current bounce has followed the expected script.
"Our Weekly Score for the Market Excluding Financials fell to its worst level since the week ended May 18, 2010 as companies with selling outnumbered companies with buying by a 2.65-to-1 ratio. That doesn't mean that Financials were strong - the sector was one of the weakest. The selling came at smallcaps and in the Russell 2000, where the Weekly Score also fell to its worst level since the week ended May 18, 2010. The buying, meanwhile, came from nowhere, as insiders who weren't locked-up due to upcoming earnings announcement thought it best to sit on the sidelines or take money off the table."