Confirmed Technical Stock Market Top Looming….comments at 2:20 PM CDT

While we do not have confirmations yet, just warnings on our Macro Stock market indicators, a close under 1539 on the S&P 500 will be a signal that a technical breakdown of the market is settling into place.  At the moment the market is trading at 1541 with an intraday low of 1536, so the signal is not confirmed.  Hope springs eternal in the world of Ben Bernake saves.

While you may not want to be short as we are, there is no reason to have one dollar in the stock market when this signal occurs.  The Macro Indicator confirmations are always late, as they are looking at the big picture, however we can assume that they will start to be triggered over the next two weeks at probably significantly lower price levels if this initial technical signal is triggered.

The in your face warnings started with the April 5th employment report.  While CNBC likes to make fun of the risks evolving out of the sequester and austerity measures slowly becoming embedded, embedded at a level that the FED can not override,  the fact remains these risks are real.

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