Possible Top

The market made a marginal new all time high today and there is a chance this could have been a top. Looking at the micro count I see an impulse down and a corrective wave, so a possible 1-2 which targets 1680 more or less. Obviously, this count will be invalidated should the market make it past 1698.78 so we'll see if we get a bearish impulse in the next couple of sessions. The Trend Average has risen to 1684 and it will be interesting to see how that holds. If the market is able to stay above the TA, then 1700+ will almost be a given. Who would have thought the day the market hit 1560 that this thing would shoot straight up on technically no news (with the exception of Bernanke comments last week), just like the market reversed in May at 1687 on nothing as well.

Main S&P 500 Trends*

Short Term Trend = Bullish

Medium Term Trend = Bullish

Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.