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Last week, I said we could be building a top, but we needed more time for technical evidence to play out.
Unfortunately for bears, institutions have continued to buy and are back in accumulation mode.
Similarly, SPX internals (breadth) has improved and removed lowest degrees of divergences that were present.
However, option sentiment has become extremely frothy. This suggests we could see sharp pullbacks that will be bought quickly.
Finally, my prop sectors correlations indicator is inching towards sell zone
In short, intermediate term top is still ahead.
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