It doesn’t seem to have registered on anyone’s radar yet, but it’s possible we have just seen the top of this market.
See, a pullback started in S&P during the last hour of yesterday’s trading…
It picked up steam in the after-hours session…
And it hasn’t stopped all day today.
Sounds bad, but when you zoom out on the rally we’ve had over the last 4 months it looks like a fairly normal little pullback:
It’s not even the biggest pullback we’ve had in the last 4 months.
All told, the S&P is only down 1.7% from yesterday’s high of 5149.67.
So why are we making a bigger deal of this than the situation might warrant?
Well, for over a month, Jeffry Turnmire has been warning of the possibility of a top at the 5150 level.
And while yesterday’s price action technically retraced at 5149.67, we’d say he called that target nearly perfectly. (just 33¢ shy of his target)
The question remains: What next?
Well, no one has a crystal ball.
But as Jeffry’s warned us: be careful. Take your profits. Set your stops.
And if markets start pulling back in earnest, remember you heard it here first.
— The Jeffry Turnmire Trading Team
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