The S&P 500 has reversed off of its intra-day spike today, likely on the news the North Korean Fat Man is not deterred by the recent sanctions package. Given the rampant buy-the-dip environment, it is likely we close at new highs today; but these types of shallow, low-conviction stair-step rallies and sharp reversals off new highs are indicative of a market that is tiring.
SPX 200dma breadth is quite ugly.
And the McClellan Summation index has begun to roll over again.
IMO, the SPX’s first 5-10% correction is close at hand.