I agree that the market is at an important point in it's price-time structure. However, rather than attempt to pick a top here it would be much wiser to wait for the market to signal it's intention. The second chart at the following link might help to see what's going on here: http://www.prime-line.com/showcase.htm Right now point B and C define the trading range. If prices get back above 990 an upside breakout scenario would be valid, but confirmation would be breaking the resistance as defined by the Prime-Lines at C. On the other hand, if the market trades lower it will need to take out 6 line support defined by the up sloping purple line at B to signal a breakout to the downside. As you see from the discussion accompanying the charts, tops and bottoms can be traded within this range with a degree of control. However to say that the top is in may yet prove to be a bit premature. Good trading, and stay tuned... Professor Prime-Line
COMPX is charging up but: * SP has not broken 6/17 high * Neither has DOW * Neither has Semi's (different date, like 6/7) * Momentum and MACD are diverging from the upward charge ......... something has/is slowing down. Wish I could short in my IRA.
We are at an interesting point. A lot of the smart money agrees with Brandon. The Fed and the dumb but humongous mutual funds are pushing the other way.