If I were to close my ears and just use my eyes, this chart would be telling me the Dow is going lower. ADX rising up from under 20 would indicate a new short term trend. What is a bigger concern is the weekly. If earnings this quarter are good and companies can maintain or raise the guidance then thing could be ok. If companies come out and miss and lower guidance then run for cover. As usual the street has estimates jacked up to the sky, and our rising dollar and rising oil and rising interest rates are weighing on our US markets. Now that I have said all that, The Fed has room to maneuver and lower rates.
============ True, we are due for a pullback in many stocks !!! Cant comment to much on ADX have enough tek indicators on my charts; wow this is a strong summer market, weakest sectors likes semisector and many near year highs.