If it stalls, it falls! That's certainly the case when it comes to this S&P 500.
As the market has filled in around the psychologically important 1,700 level in the S&P, we have seen a slight stall in momentum, as the continued record highs have come in drips and drabs.
Technically, we usually like to see a blow-off top with lower closes to embrace any type of a bearish divergence. However, after such a sensational yearlong rally, it feels like the levee may be indeed dry on this Chevy.
In order to sell this market, we need confirmation under 1,692 in the S&P E-mini contract. Technically, there is a lot of room to back-and-fill on the chart, as the multiyear highs that were fiercely shattered sit down at 1,576 in the S&P.
(Read more: The secret small-cap warning sign)