From 6/9: "The market has certainly been strong since the February lows and admit it acts like it wants to test the 2015 highs. But with strength of safe havens and other factors listed above, perhaps we are due for a shakeout of the weak hands."

As I mentioned yesterday, historically speaking the major tops are on major levels - quarterly, half-year, and yearly. But with the combination of valuation and sentiment factors, along with the incredible safe havens, perhaps we just saw a more important top on monthly R1s.

Read this week's blog posts for more on this issue. For now SPY just one day drop and above all pivots. It could easily test the JunP and resume up from there.