I honestly think folks believe the market will go up forever and that corrections have been outlawed.
Bulls are at their highest level since April 2011, when the market was beginning to top ahead of that summer's big decline.
Since we got into the rarefied air above 1780, the last two weeks have been a total chop fest.
Sentiment remains off the charts, but the inauspicious signs will eventually have an impact.
Several weeks ago I was able to show you charts with decent upside, but I can no longer do so.
They may be the next round of short covering that we see.
I don't think the S&P 500 can easily get through resistance but I have underestimated the upside too often this year.
For now, the market has not picked up any speed on the downside.
The Nasdaq and the Russell have underperformed the broad market for seven weeks, which implies that folks are reining in risk, not increasing it.
But it would not change my opinion that we need to correct.