The cracks in the armor are becoming more prevalent as the market heads into first-quarter earnings season. Although the DJIA and the S&P 500 both were able to post new all high time highs this week, the rest of the major averages were unable to follow suit. With several of the key indexes sitting near support levels it appears that investors are taking a show me attitude from here. Upside surprises in earnings, and we could see further gains. A few early misses on the earnings front and investors could use it as a reason to lock in gains. The negative divergence showing up in many of the technical indicators seems to indicate further downside is still very likely. However, as proven many times during this rally, don't count the bulls out yet. Until we see the S&P 500 close below the 1538-1540 area the uptrend remains intact.