Overall the market is comfortably inside a rising uptrend/channel on the S&P - particularly when you look at it from the weekly chart. However, even a casual observer can notice the market has not been acting in a healthy manner, and that was most noticeable on Friday when the market gave away an impressive day's worth of gains and actually finished lower on the day.
Not only does this damage the charts, but it also zaps bullish morale and sets the market up for a bear takeover. That's why this week is critical for the bulls to put together enough of a rally that it can make a new move to new recovery highs and push aside worries that the market may be heading lower.
Here's the week's SharePlanner Reversal Indicator.