Half way through the trading day I'm not ready to stake a claim that the top is in, but the price action so far is giving weight to the possibility of a reversal day today. Confirmation will be a close under yesterday's low. I was distracted from the charts and missed an opportunity to sell this morning's rally at an ideal short location (denoted on the chart with the letter 'A'). Entered later with a confirmed move below the swing low at 1329.
For now, yesterday afternoon's low at 1327 is supportive, but the VIX continues to creep higher, suggesting that it may not hold today.
Also noted below is a possible failed attempt by TLT to break lower out of its rising trend channel. Resumption of the uptrend in bonds is short-term bearish for equities.
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