It's No Time For The Bulls To Get Complacent

We had what would normally be seen as a very bullish-looking week. Many stocks appeared ready to break out, while the market successfully retested the 2072 SPX support and rallied 50 points from our support level. Also, the Russell index, which usually leads in risk-on situations, has been making new all-time highs, while the level of bulls being tracked by the American Association of Individual Investors (AAII) has fallen through the floor. Yet, a bearish pattern, which has the SPX as having topped, is rearing its ugly head.