The lack of downside follow-through after marginal new lows coupled with a higher daily momentum reading on Monday suggests that the SPY is ending a correction rather than about to accelerate into a more substantial decline.

The big picture of the Semiconductor HLDRs ETF (SMH) shows today's action has the potential to represent a key upside reversal day, which Mike Paulenoff will view as the start of a new upleg.

The QQQQ will be vulnerable to a much more significant bout of weakness that at the very least will test key intermediate-term support.

The US Oil Trust (USO) has reversed early weakness and has climbed above a 6-week resistance plateau.

Although the SPX, and its ETF the SPDRs (SPY) have not made new multi-year highs again this week, this week's sharp upside reversal certainly gives the chart pattern the look of a market that is starting a new upleg.

GLD's slide from late April appears to be contained just above the rising 200-day moving average.

The Semiconductor HLDRs ETF (SMH) continues to grind higher and actually is trading above its May-June resistance line.

Today's strength has the makings of a significant upside pivot reversal that occurs after the completion of a correction in an underlying bull trend.

Mike Paulenoff takes a closer look at the ETF's for Semiconductors (SMH) and Japan (EWJ).

While the SPY presses against the May 24 pivot low, the QQQQ is in a much stronger technical position at the moment.