The S&P stock index futures took a hit Monday and in morning trading were seeing a big and bearish “key reversal” down on the daily bar chart, which is one technical clue that a market top is in place. Also, the near-term price uptrend on the daily chart was negated with Monday’s big drop in prices. Bulls are wounded again, but they have shown resilience recently to recovery from just such setbacks. Will that be the case again? This week’s close will be telling. A close near the weekly low would suggest the market has put in a near-term top. Stay tuned!– Jim