With just one trading day left in the month of April, could it be that Thursday's bearish reversals are the beginning of a better corrective period? The odds are fairly good, although a follow-through selling day is still needed to confirm.

However, even if stocks make one last push higher, the deterioration in market breadth over the past month or so makes a sustainable breakout very unlikely.

Stay patient and don't chase stocks higher here. At the very least, some significant sideways consolidation is desperately needed to reset these charts.

THIS WEEK'S MARKET MOVERS

Monday Apr 25	Tuesday Apr 26	Wednesday Apr 27	Thursday Apr 28	Friday Apr 29
Market Focus » International Perspective » Simply Economics » New Home Sales 10:00 AM ET Dallas Fed Mfg Survey 10:30 AM ET 4-Week Bill Announcement 11:00 AM ET 3-Month Bill Auction 11:30 AM ET 6-Month Bill Auction 11:30 AM ET 2-Yr Note Auction 1:00 PM ET	FOMC Meeting Begins  Durable Goods Orders 8:30 AM ET Redbook 8:55 AM ET S&P Case-Shiller HPI 9:00 AM ET Consumer Confidence 10:00 AM ET Richmond Fed Manufacturing Index 10:00 AM ET State Street Investor Confidence Index 10:00 AM ET 4-Week Bill Auction 11:30 AM ET 52-Week Bill Auction 11:30 AM ET 5-Yr Note Auction 1:00 PM ET	MBA Mortgage Applications 7:00 AM ET International Trade in Goods 8:30 AM ET Pending Home Sales Index 10:00 AM ET EIA Petroleum Status Report 10:30 AM ET FOMC Meeting Announcement 2:00 PM ET	Weekly Bill Settlement GDP 8:30 AM ET Jobless Claims 8:30 AM ET Bloomberg Consumer Comfort Index 9:45 AM ET PMI Services Flash 9:45 AM ET EIA Natural Gas Report 10:30 AM ET Kansas City Fed Manufacturing Index 11:00 AM ET 3-Month Bill Announcement 11:00 AM ET 6-Month Bill Announcement 11:00 AM ET 2-Yr FRN Note Auction 11:30 AM ET 7-Yr Note Auction 1:00 PM ET Fed Balance Sheet 4:30 PM ET Money Supply 4:30 PM ET	Rob Kaplan Speaks 6:30 AM ET Personal Income and Outlays 8:30 AM ET Employment Cost Index 8:30 AM ET Chicago PMI 9:45 AM ET Consumer Sentiment 10:00 AM ET Baker-Hughes Rig Count 1:00 PM ET Farm Prices 3:00 PM ET

Click to Enlarge

While SPY remains above its 8-day (blue) and 21-day (yellow) simple moving averages, this is yet another warning flag for bulls that the getting on the long side isn't as good as it has been and that a corrective wave may be near.

So, with the dollar and bond yields bouncing on Wednesday, utilities dropping in kind and stocks eking out only marginal gains, I continue to wave the caution flag on stocks as we plow through the second half of April.

All in all, we saw some nasty post-earnings reactions and Tuesday's move was simply another melt up for the broader market on thinning market breadth. I remain cautious and will not chase this market higher.

THIS WEEK'S MARKET MOVERS

Monday Apr 18	Tuesday Apr 19	Wednesday Apr 20	Thursday Apr 21	Friday Apr 22
Market Focus » International Perspective » Simply Economics » William Dudley Speaks 8:30 AM ET Housing Market Index 10:00 AM ET 4-Week Bill Announcement 11:00 AM ET 3-Month Bill Auction 11:30 AM ET 6-Month Bill Auction 11:30 AM ET Neel Kashkari Speaks 12:30 PM ET Eric Rosengren Speaks 7:00 PM ET	Housing Starts 8:30 AM ET Redbook 8:55 AM ET 4-Week Bill Auction 11:30 AM ET	MBA Mortgage Applications 7:00 AM ET Existing Home Sales 10:00 AM ET EIA Petroleum Status Report 10:30 AM ET	Weekly Bill Settlement Jobless Claims 8:30 AM ET Philadelphia Fed Business Outlook Survey 8:30 AM ET Chicago Fed National Activity Index 8:30 AM ET FHFA House Price Index 9:00 AM ET Bloomberg Consumer Comfort Index 9:45 AM ET Leading Indicators 10:00 AM ET EIA Natural Gas Report 10:30 AM ET 3-Month Bill Announcement 11:00 AM ET 6-Month Bill Announcement 11:00 AM ET 52-Week Bill Announcement 11:00 AM ET 2-Yr Note Announcement 11:00 AM ET 2-Yr FRN Note Announcement 11:00 AM ET 5-Yr Note Announcement 11:00 AM ET 7-Yr Note Announcement 11:00 AM ET 5-Yr TIPS Auction 1:00 PM ET Fed Balance Sheet 4:30 PM ET Money Supply 4:30 PM ET	PMI Manufacturing Index Flash 9:45 AM ET Baker-Hughes Rig Count 1:00 PM ET