Stocks pushed higher this week, with three of the four major index ETFs flirting with the 52-week high. A clear break above the 52-week high indicates another wave higher in a long-term uptrend could be underway. The current levels of these index ETFs are pivotal price points. With declining volume and not all the indexes confirming the move to new highs, the possibility of a double top or false breakout to the upside remains a possibility. Therefore, this is a critical juncture for stocks, and it will determine if this uptrend continues or runs out of gas.

S&P 500 SPDR ETF (ARCA:SPY)

The S&P 500 SPDR (ARCA:SPY) ETF has climbed back to the April 2 price peak. Challenging the 52-week high, this ETF has been quite strong recently. A breakout to the upside is possible, initiating the next wave higher in the uptrend. Since ...