tracing out the top...

Still no reason to cover shorts as the market continues to buck and weave shaking out weak shorts before establishing the new down trend. The way I see it, the June 2 closing high has still not been taken out and the daily RSI is still in sell signal mode.

The chart below highlights the similarities with which the market behaved at the previous short term top. Notice that the advance ended accompanied by divergent RSI also notice how one last attempted at the near term highs was attempted before fading and falling back into the short term down trend. I suspect this current topping action will prove to be the final top of this historic bounce.