Market’s uptrend is under pressure. The distribution days (high volume selling in major indexes) have reached 7.
Reducing exposure to 50% is good at this time. Delta Market sentiment indicator is still bullish, based on Last week’s readings.
|Current Sentiment||Last Week||2 Weeks Ago||3 Weeks Ago|
As you can see in the above graph – RSP (Guggenheim S&P 500 Equal Weight) has hit triple top of around 66 USD. But is still above the 75 SMA (75 day Simple Moving Average).
Also the investor intelligence Bulls vs Bears is reaching its all time high (contrarian indicator). It is just above 58.0. Last time it went up to 60.0 was at end of October 2009. Just at the end of the long bull market.
So RSP has triple topped, market is under pressure, Bulls vs Bears is reaching the all time high – all negatives indicating market top is at hand.