Market: My benchmark for the topping indicator is the NDX. On June 2nd when the topping indicator triggered, the high was NDX 1476. Today the high was on the close at 1493. So that is a difference of 17 points. On the comp, the difference is 20 points. As I mentioned before, the topping indicator is not so much a timing device (although it has called many tops to the day) as it is a warning device of a change in trend. I said that the these averages could make marginal new highs after an intital sell off and they have to date done that.
This period seems much like January for the topping indicator. It went off on January 9th when the high for the day was NDX 1542. The ndx did not top until January 20th at 1560. There was an 18 point difference. Could the same thing be happening here? Maybe.
However, both price and sentiment numbers are not at extremes in here like they were in January at this time in the cycle. They could get there in short order. But the potential is there to go higher in price and I think that scenario is more likely at this point with a break of the DT line. That is the kind of event that whips the bulls into a frenzy.
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