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S&P 500 Breaks 2,000: One Signal That Suggests It Is A Top

|Includes:SPDR S&P 500 Trust ETF (SPY)

The S&P 500 broke 2,000 this morning. Since then, the markets have rolled over and are now back below that key level. Could this be a top? One signal that suggests we are near or at a top is a topping tail that is forming on the daily chart. Topping tails are extremely bearish signals of a top in place. Essentially it shows that weak money bought the market early and then institutional money sold into it, pushing it back down. Please note the chart below.

Gareth Soloway

Stocks: SPY