A.) The SPYs are forming a broadening top.
B.) The EMA picture is still bullish: the shorter EMAs are above the longer EMAs, and teh longer EMAs (20 and 50) are still moving higher. The 10 day EMA is moving lower, but this EMA is always more volatile.
C.) Momentum is decreasing.
D.) Notice that on the most recent top the A/D failed to make a new high. In other words, the same amount of volume/people are participating; we're not seeing a huge new rush of new investors. That's concerning.
A.) Leading up to the new high we see very weak candles.
B.) When prices hit new highs, we see very weak candles.
Bottom line: this is a very weak top to a market.
