DJIA 12,826 down 35, S&P 500 1343 down 1.82.
With the market apparently reaching a point of exhaustion, Tom McClellan of the McClellan Market Report believes today “is going to be the top day.”
As such, he will change his stance to neutral for the short-, intermediate- and long-term from bullish. His advance-decline summation index has reached an extreme-high level usually associated with “meaningful corrections.”
McClellan says there is some risk he’ll miss out on further upside, but given the gains already seen and the fact that sentiment indicators are flashing big warnings about excessive bullishness, “I figure that this risk is pretty low.”...MORE