Despite a significant net daily gain of 1.1% into the weekly close, the new month has seen underlying momentum swing a little further to the downside. However, it would seem rather than lower prices, the market is simply in a period of consolidating across time.
It is indeed somewhat ironic that despite the MACD (blue bar histogram) cycle at levels not seen since Dec' 2011, the actual index levels remain at/close to historic highs.
It will likely require upside to the sp'2150/75 zone.. before we see a bullish cross on the monthly cycle... and that looks unlikely in May... a seasonally weak month.
With the sp' @ 2108, holding at MARCON 6.