Selling Into the Close Is Not Confirmation That the Top Is In

The close today was negative, however, it is not negative enough to confirm that the correction has begun. All that the S&P 500 did, was trade back down around Friday's closing price. The close also happened to be right at the bottom of a 4 day up-trend channel. We need to see further selling come in to get closer to a confirmation that a short-term top is in and that the correction has begun. A gap down to start tomorrow's trading session will be a step in the right direction. A subsequent lower close tomorrow will be a good sign that the correction has likely begun.