Though my intermediate outlook remains positive, a decisive close above the October highs on increasing volume is still needed to give significantly higher upside targets.

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This allows for a further correction within the positive intermediate-term trend.

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That is a positive development from an intermediate term standpoint, as it shows the bulls are using dips as buying opportunities, and positive trend is underway.

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As I discuss in more detail below, the intermediate-term analysis remains positive for the stock market.

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The OBV did confirm the late-2010 highs, which is positive for the intermediate-term trend.

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Another semiconductor chip company that looks quite positive from an intermediate-term perspective is Semtech Corporation ( SMTC).

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This is clearly a positive for the intermediate term.

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Even if SLV were to correct further, the intermediate-term outlook is quite positive and shows no signs of a top.

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But all of this does not mean that the market has completed a top, as the intermediate-term technical outlook is still positive.

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Even though the global uncertainty adds another dimension to the recent decline, the intermediate-term outlook for the stock market remains positive.

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