Click on Chart to EnlargeThere are several things today that suggest maintaining a stance that a market high is imminent is sensible. The chart above shows a compelling time relationship in that on Monday the advance since July will be 1.618 time as long as the fall from April to July, AND the time of the current leg up will be equal to the time of the last two "waves" (early July to early Sept). So maybe this week is it as far as the advance goes.
Now the Dow 30 is very close to the April highs. It is only about 0.5% shy. A nice topping scenario may be for it to double top today or tomorrow, while the S&P still lags below the April highs.
There are several little non-confirmations or divergences happening today to that suggest the rally is ending. Neither gold nor silver nor the Euro are making new highs this morning while stocks are. Given the correlations and % declines, it looks like those markets may have already topped, and that this is a last gasp in stocks. Also the VIX is not making new lows compared to last week. That has often happened at the end of a leg up in stocks as sell.
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