Last Thursday I posted that I noticed intraday "reversals" on a few stocks that I monitor.
Given today's market action with the S & P up approx. 14 points earlier, the index is now struggling to stay positive , and as I continue to write this the S & P has now turned negative by 3 points.
More caution is now advised as we may have just put in an intermediate top here (S & P 1687) given this reversal.
Review your portfolio, sell calls on positions that are extended, and trim holdings that u have garnered large gains in. In summary , play a little more defense . If you haven't done so already raise some cash that could be put to work in the future.
I consider this the first sign that we could trade sideways , with larger intraday swings and churning , then embark on a correction.