As we watched the markets fall for the second day in a row, the question is whether we have hit the top or not? Here are two charts for you of the S&P 500 that should help shed some light on the subject.

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On this chart I have pointed out the weakness we have seen over the last two days. The action hasn’t been incredibly scary, but it has hinted that our rally might be at an end.

The reason the move isn’t too terrible is because the markets have shifted around 1% each day on below-average volume. The volume did pick up compared to recent volume, but for such big moves, we want to see the volume increase to match.

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