Well the reaction to the employment report (which is grossly manipulated by statistical assumptions) was positive and we have ourselves making new highs. The characteristic of the past number of trading sessions was to make new highs only to close back under prior highs. This is an example of buyers losing their power to move price higher. Today is too early to tell, but I am going to go out on a limb and say that we will probably end up with another day where we probe new highs only to close under prior highs, thus reconfirming my topping scenario.
If we are able to close into the Teens (1015+) as I said in previous market updates it will indicate to me that we are in the midst of a new up-leg. Most anything else and my topping scenario still holds water.
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