While the Nasdaq indices sag after a failed secondary rally effort, the big-cap S&P and DJIA indices remain perched right near their multi-year new highs. Which index is telling us "the truth"? My sense is that we are seeing a rotating peak -- with the NDX the first to peak and roll -- to be followed by the SP, DJ and RU in the upcoming days-weeks. Be that as it may, my near-term work in the S&P 500 SPDRs (AMEX: SPY) argues that in the upcoming hours -- possibly in reaction to tomorrow's Employment Report -- the SPY will be ripe for at least a near-term reversal peak from the 144.70-145.20 target zone. Should such a scenario emerge, all eyes should be focused on the 1/26 pivot low at 141.58, which if hurdled will argue strongly that more than just a minor trend reversal has taken place.