I am still favoring a bullish scenario in the broad stock market right now; that is, we are assuming that the DOW and S&P 500 both started new medium-term cycles from their lows on Dec. 26 and will be pointed up for at least several more months. In this scenario, a top and modest sub-cycle corrective dip are now due and should give us a good spot to go long. Last week ended with a new weekly high in the DOW but not the S&P 500 or NASDAQ - i.e. intermarket bearish divergence. This means equities could correct down now. I am going to raise my target areas for a correction to 23,600 - 24,000 in the DOW and 2,500 - 2,600 in the S&P 500. The upper ranges of these targets are close to our entry point for our current short position so we should be able to cover those positions with no loss and then go long. If these indices push higher early next week and negate our bearish divergence signal, we may have to wait a bit longer for a top and a corrective dip to buy. Holding my short position in the broad stock market for now.