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A Look at Past Tops in the Market

Here's a chart of a few of the intermediate-term tops in the market over the past 2 years.

Notice anything?

All of them had their highs tested at least once, and many made new marginal highs in which we saw a strong reversal.

This tells me that if you want to be bearish on the market, you want to see 52 wk highs tested and potentially broken. If we tag 1300 on the SPX and fail hard, that's a raging clue.

by Steven Place

Steven Place is the founder and head trader at