The S&P has topped !

Has the S&P topped and headed for a sharp correction?

  • yes

    Votes: 58 30.5%

  • no

    Votes: 59 31.1%

  • I don't know / I don't care / I don't like you

    Votes: 73 38.4%
  • Total voters
    190
Key global equity indexes remain very overextended and as a result the overdue correction may be sudden.

A reminder that the volume for S&P500 has been declining steadily since the March 2009 rally started. Declining volume during an uptrend or downtrend can signal trend weakness.
 
You still have a very intact trendline channel - too soon for the bears to be declaring victory. You need some legitimate technical price action to justify calling a top.

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S&P FUT
1327.30 -15.10 -1.12%
DOW FUT
12284.00 -91.00 -0.74%
NAS FUT
2363.00 -32.00 -1.34%
OIL
93.47 7.27 +8.43%


After the rallies this market has had since September these 1% drop means absolutely nothing, I hope the bulls dont whine tomorrow about the sell off.

Oil up $7.00+ is just an incredible picture right now, amazing.
 
We've seen the market shake this off before so there's no telling where we end up by the close tomorrow. But the spike in oil is definitely something that may shake out some longs and hopefully give us the minor correction that many PMs are looking for to get more aggressively long. In the short-term, hopefully there will be some volatility for us daytraders.
 
Quote from RCG Trader:


Before that, it is a pullback and nothing more.
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I have to agree with this.

And the more stocks come off, the more QE will stay on the table...
 
Quote from volente_00:

Time for drawdown to shower me with accolades
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pretty damned close, mate! you certainly win the prize so long as the market doesnt head back up any time soon.
 
The dip is being bought, dow was down over 115 now down a cool 73, a few more hours and everything will be bright GREEN!!!!


Russel 2000 INTRADAY HIGHS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
 
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