With another strong close and leadership from large-cap tech stocks, SPY and QQQ extended their uptrends and there is no change in the overall picture. Stocks remain overbought and ripe for a corrective period, which could form as a pullback or a flat consolidation. As noted last week, many pundits are looking for this correction, perhaps too many. In contrast to SPY and QQQ, small-caps have undergone a corrective period the last four weeks as IWM trades in a sideways range. Even though IWM is underperforming, it has yet to actually break down and show absolute weakness. On the S&P 500 ETF (SPY) chart, the ETF bounced off the trendline extending up from 20-Dec and closed above 137 on Monday and Tuesday. Simply put, we have yet to see any major support breaks or signs of significant selling pressure. SPY continues to record new highs. The 11-week trendline extending up from 19-Dec marks first support around 136 and last week’s lows mark key support at 134. RSI support remains at 40.