How many pennies are left in front of the steamroller?

A reader commented on the weekend, "TBH, being long here sure feels like picking up pennies in front of a steamroller". I agree. While I have been steadfast in my belief of a "Last Hurrah rally" before a significant market top, that scenario is looking far less likely.

As the market tests a key resistance level, it is displaying both a negative RSI-5 divergence, which is tactically bearish, and faltering internals, which is intermediate term bearish.

There is a distinct possibility that we may be seeing a final market top in the major US equity indices this week. While the market may rally to new marginal highs, I believe that the risk/reward ratio is turning unfavorable for the bulls, and there may not be many pennies left on the road in front of the steamroller.

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