In $RUT we trust

$SPX clocked a double top today and failed to break out.

On the hourly and daily charts, $SPX registered overbought before turning lower starting at 2:00 pm.

Also, our forward trend indicator (SPY:VXX) indicated on the hourly chart the start of a new (short-term) wave down at the close.

$RUT analysis on the hourly also indicated that the down-trend that began last Friday is still in play, displaying a a little over 82% retracement upward of Friday's drop.

The bonds were also little changed after their jump last Friday.

We still do not have confirmation on the daily for a new down leg in stock indicies, despite our bearish view for several days now - perhaps tomorrow, "turn around Tuesday".