After extending an unbelievable run again today, the market reversed late in the day after "kissing" the upper trend line on the broadening top. At least SOMEONE noticed it was there.

So the door is open for a major shock to the downside if it wants to appear. If it happens it'll seem so obvious in hindsight. That's always how it is. How many times have you looked at a chart and asked yourself "why didn't I see that coming?"

This is a textbook broadening top in form and sentiment IMHO. People have been panic buying this market right into the trend line. It's VERY unusual to see it this bad. The market SHOULD NOT have been able to power higher today.  But the trend line beckoned.

Many "relative return" fund managers are under invested and are getting left behind. They're being forced in as they fear under performing and perhaps losing their job.

So now we get to see if the late bulls get taken out behind the woodshed. Being it's the end of the month and the beginning of the next month, it would be a little unusual to see the breakdown right here. But it's happened before.

However, I'm still bullish longer term for now, so I'd be a buyer of any significant weakness with no hesitation. I covered that in my last post.

The next two days will be telling.