Let's notice (blue boxes) that the past two sessions in the cash SPX (from a candlestick perspective) appear to be a mirror image of the early July bottom period. That is to say that action on Monday and Tuesday left behind "distribution candles," which in English means that the vast majority of the intraday buying occurred well above BOTH the opening AND closing prices (very small "Real Body" for you candle afficionados). Look at the pattern from early July which exhibits a couple of candles that have the exact OPPOSITE look of the last two days -- namely, "accumulation candles," where the vast majority of the intraday buying occurred BELOW the close (a potential bullish signal). I don't know what to label the last two sessions: Two Dojis? Inverted Hammers? Whatever the name, the implication technically is that a near-term peak might be emerging in the S&P 500 and its SPDRs (AMEX: SPY). Only a powerful up-day, with a strong close high on the candle will invalidate the last two sessions. Let's keep an eye on this situation.