Shorts have been adding to the stock and we have price breaking above a recent downtrend. Relative performance vs. the S&P 500 is positive.  There is potential for this stock to get squeezed.

Both MRVL and MCHP have pulled back to support zones where we would be initiating a position. Relative performance vs. the S&P 500 is turning up, as well as momentum of that relative performance.

In this weeks review, we are focusing on the U.S. market indices. When looking at the intermediate to long-term trends, we don't have any change and remain bullish. Short-term, the recent market pullback has offered a good reward to risk buy for the S&P, Nasdaq Composite, and soon to be seen, the Dow Transports.

We have a sell signal on the IYR. The ETF recently hit an MFU-4 target of $88 with momentum divergence. This is similar to what occurred in August of 2016 where the IYR achieved an MFU-4 target and then corrected -16%. We would be trimming exposure.

We remain bullish on most markets reviewed. Both the S&P 500 and Nasdaq Composite have pulled back to ellipse support to trigger a buy on a daily basis.

GE is lifting off the 50 and 200 day averages which will be support from here.

WTI Crude Oil pulled back to the confluence of hte support at the lower end of its regression trend channel, 50 and 200-day averages.

We believe this volatility, due to trade tensions with China, will be well contained and offer opportunities to add to long positions.

We are getting long WTI this morning based on the comments on the chart below.

The DXY achieved our initial target of 98 last week and now appears ready for its next leg higher to our MFU-3 target of 99.47.

Momentum continues to build for China's Shanghai Composite and we would be adding exposure.

Crude oil is at a 6-month high this morning with news that the U.S. says it will end Iran sanction waivers. This puts WTI above the MFU-4 level of $64 and opens the upside to our next target of $69. We would be adding to long exposure.

There is more improvement in the European indices as these markets continue to trade higher with very little daily pullbacks. We would be adding exposure to Germany as the DAX carves out a low as it did in 2016, and we have an initial target of +11% from here. We remain bullish the CAC, Spain’s IBEX, Italy’s FTSE MIB and the U.K. ETF (EWU).

We remain bullish on an intermediate to long-term view for the S&P 500, Nasdaq Composite, Russell 2000, the Dow Transports and the Mid-Cap MDY. Momentum continues to expand in a positive way as can be seen with the weekly charts of the S&P and Nasdaq Composite. The Dow Utilities are starting to lose upside momentum as it trades at its prior target area, we would be a seller of the group.

We will be traveling this week and not be publishing our Technical Tuesday piece but wanted to share a few thoughts on the S&P and WTI Crude Oil.