Trend: Getting a feel for trend is very important. Trend differs in all time-frames, meaning that short term trend may be different from long term trend.
Trend can be quantified as up or down by looking at moving averages. The most Popular and widely watched moving averages are the 50&200day MA.
Sentiment is mostly neutral, however there was recently an unusually large spike in call options buying indicating that many people are expecting short term higher prices. Sentiment is mixed so I am personally considering this Neutral
Although still below most moving averages, recently Yield on t-bills has recently been heading higher. Some of the short term moving averages have crossed longer term moving averages indicating that rates are rising. Rising rates in bonds generally for equities is Bearish
I have illustrated the three majorly important factors one must pay attention to when analyzing the general conditions of the marketplace. Each area has produced conflicting results. Perhaps this is why sentiment is predominately neutral indicating overwhelming uncertainty of future market direction. 'Fear' as indicated by the VIX is off the all time lows of September 2014 but is still very suppressed.
Market analysis can be subjective but in attempting to remove as many human/emotional factors as possible we discover a market giving mixed signals. If you ever find yourself uncertain remember that cash is a valid position. Wealth preservation and keeping your losses small is the cornerstone of this business.
When analysing the market, always keep your eyes on the core: Trend, Sentiment, Macro