Market Top? 

Published - Wednesday, February 20, 2013, 7:00 pm ET

You may not have noticed, but the earth moved this afternoon. The VIX (Fear Index) for the S&P 500 spiking nearly 20%, and it moved up and over the area I pointed out this morning that you should keep an eye on.

This sharp move in market fear reversed many of the major US indexes and a large number of the US ETF’s that we track, generating new Daily Bearish Reversal Signals.

So far, all we have is one days worth of data, so we still need to see if the market confirms this chart pattern on Thursday, with follow-through to the downside.

This is what a market top looks like.

Buyers Beware!

VIX Spikes

DOW fails to gain ground after breaking out of the recent range.

S&P 500 Bearish Reversal Signal - Pros giving up control

We are now just 1 point away from a new daily sell sginal.

The NASDAQ 100 is now back on a Sell Signal.

One of the strongest sectors over the past few months have been the Railroads.

They also generated a new Daily Bearish Reversal Signal on Wednesday.

You can see the Pros are also walking away from this one.

The backbone of this market rally has really been the US banks; they were also hit hard on Wednesday, and are now sitting the edge of a new daily sell signal.

Thursday could be a very important day.

This is the time to be a seller, not a buyer.

Stephen Whiteside 

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