Our Technical Tuesday Chart of the week - Update on TLT and three Financials we have on is 70%. The MFU-4 gets achieved 25% of the time. That is still good enough for a trade from here.

The S&P 500 is into a short-term MOB band, which may result in a pause in the index. Once this zone is cleared, we expect price to tag the 4000 target level identified by our Money Flow Unit (MFU) analysis. The Nasdaq composite is into the MFU-4 level of 14000, and we think there will be a pause in the advance. We will need to see how the index trades in this zone in the coming days to determine if it’s something more than a pause or a breakout above this level.

The uptrends in the major U.S. indices remain firmly intact. The recent pullback in the S&P 500 and Nasdaq Composite held at an important support zone, and we see the start of another leg higher from here.

We believe the odds right here favor a sizable "pop" up in the NDX with the initial targets in the 50% to 61.2% zones.

We have opted to focus on stock-specific ideas for clients looking for ideas on both the long and short side and have a shortened Technical Tuesday index report. Both the MDY and RUT have jumped out to us as both indices have a slight turn down from the upper end of their regression trend channels. We suggest trimming extended names as the odds are increasing for a short-term pullback.

The major averages continue to remain firm in their uptrends, and we have the S&P firmly above its target zone after going sideways since hitting that target in November.

It has been a little over one month now where we have the S&P stuck within the target zone of our Money Flow Unit and MOB band. This continues to be a pause area, and we would need a weekly close above 3750 to have a breakout of this range. The Uptrend in the Nasdaq Composite remains intact, but we do have the daily chart indicating a potential stall zone directly ahead. No divergence, therefore no sell signal.

A quick view on the S&P given this morning's volatile trading range. We will look to cover other indices in tomorrow's Technical Tuesday report.

We are currently short the S&P Emini and can see shorting the NDX here as well.

We will be publishing our Technical Tuesday report today and will cover more equity indices.

Just like watching paint dry....it looks like the turn is taking hold. I noticed today that stocks such as DHI and KBH had their widest range down today and off 3.9%.

We are not alarmists but do want to continue to show that the S&P remains into the MFU-4 and MOB target zone, which has us on alert for at a minimum for a pause, and at most, a pullback from this area.

Both the S&P 500 and Nasdaq Composite are within target zones where we can expect a pause or pullback to occur. If it is the start of a pullback, we need to wait for negative money flow units to form to determine the downside projections.

What we get from here remains to be seen, but when an MFU-4 target is achieved on a weekly or monthly basis, we start to take profit and look for shorts.

The TLT came 0.63 cents from our $154 MFU-2 target, which typically will produce a strong countertrend rally. We will look to reshort in the coming days with the expectation of another leg down to the MFU-3 target of $145, which is what occurs 70% of the time when a negative Money Flow Unit is formed.