There have now been 3 new market highs since breaking out of the previous range (where 996-997 held the gravitational pull). None of which have been validated by more buying. Each new high as subsequently been rejected and that days close has been back in the range. This is a text book example of a top. Now I have said previously that it is going to take a lot of selling pressure to get out of this range and today didn't amount to enough as we tested the lower end of it once again. The market needs to gap down (or up) to get out of this range and the pattern that is emerging leads me to believe that it is going to be down.
This bearish prediction will be delayed further and partially damaged by a close above 1025 today.
But I can say with conviction that 1038'75 looks like the top
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