|SPY Weekly chart May 3 2013|
A look at the weekly chart of the SPY. As I explain in the chart, the SPY is acting exactly as it has been acting for several years, with clean uptrends followed by sharp, channelled corrections. However, the current uptrend is longer than the previous one despite a shorter preceding correction. It may mean nothing, but one could surmise from this chart that a market correction is overdue.