Summary: Markets took a pause around their major moving averages as they digest the longer-term impact of the tariff policies. Market internals continued to improve from the volatile April price action, though losing some momentum from its strong bounce off the lows.

Risk On

• Volume continued to be strong with more accumulation days than distribution. (+)
• The percentage of stocks above key moving averages improved this week on all timeframes. (+)
• Bitcoin reclaimed the $100k level. (+)
• We are entering a typically strong seasonal period for the markets and the price action to open the month has been in accordance with this trend. (+)

Neutral

• Markets took a pause around their 50 and 200 Day moving averages, digesting recent news and earnings. (=)
• Sectors were mixed this week with about the same number closing up as down. Semiconductors were the strongest sector. (=)
• The Mclellan Oscilator pulled back a little from overbought conditions but remains positive with the market trend intact for now. (=)
• The new high new low ratio flattened over the short-run but continued to improved over the longer-run time period. (=)
• The color charts (moving average of stocks above key moving averages) continued to improve with the short-term readings positive across the board, though the longer-terms reading remain mixed. (=)
• Volatility continued to back down, though remains elevated over its January/February levels. (=)
• Growth continues to lead value and is much closer to reclaiming its 200 Day Moving Average. Both Growth and value have a lot of work to do to get back to their highs. (=)
• The outperformance of foreign equity markets slowed this week relative to the U.S. with the ratios all nuetralizing. (=)
• Five of the six modern family components improved condition, though many are still lagging the broader market and biotech took a took a good hit. (=) 
• Gold potentially put in a double top and cooled off slightly as market digested conditions. (=)
• The Federal Reserve held rates unchanged pending new tariff-related data. (=)