The market still looks like we're in a complicated topping process. In particular, the wave count since Dec. 29 is quite tricky to figure out. So I have instead decided to look at RSI divergences in various markets. These are all RSI(13), the Fibonacci value I typically post in my charts, not RSI(14). I look at XLB mostly because I am now long SMN, but that's beside the point.
Bearish RSI divergences (bullish for the VIX) are present at the 60- and 30-minute levels on all of these. Many of the highest values occurred in the powerful New Year's thrust up. The two markets I looked at that have yet to make a new high on lower 10-minute RSI are the SPX and RUT. The SPX closed today at 1292.48, four points below its high set yesterday morning of 1296.46.
This may suggest marginally higher highs tomorrow morning before a selloff - I'd be highly amused if the market topped at 1299.99. Many of these indices are very close to their late October Minute [w] (or Minor W) highs and will not need much more to get above them.
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